Nubank, the leader in financial technology in Latin America, announced it has raised $ 400 million in its Series F investment round. Since the last funding in 2018, the firm’s customer base has more than doubled, reaching over 12 million people in Brazil. With this new round, Nubank has raised $820 million in seven investment rounds.
The Wall Street Journal reported that the company secured a valuation above $10 billion, potentially making it one of a short list of startup decacorns. That’s up from the $4 billion valuation in October 2018.
Nubank, currently Brazil’s sixth-largest financial institution by number of clients, started its international expansion in May of this year. The company has opened offices in Mexico and Argentina and is preparing to start operations and serve customers in both countries over the coming months.
The firm also expanded its product portfolio beyond its original app-controlled credit card and Rewards products, now including a personal loan product and digital savings accounts for consumers, as well as small and medium-sized businesses and microentrepreneurs.
New products and internationalization Nubank started offering debit and cash withdrawal functions to its digital savings account („NuConta”) customers in late 2018, consolidating its digital account as a complete alternative to meet the basic financial needs of all Brazilians.
Today, more than 8 million Brazilians are already customers of NuConta. After completing the process to obtain its license as a financial institution, the company launched in early 2019 a personal loan product, which is now available to over 500,000 customers.
Nubank reached 100% of the 5,570 Brazilian municipalities within 5 years of activity, a milestone in a country where only 60% of cities have bank branches.
In the second quarter of this year, the company also began its international expansion, announcing operations in Mexico and, less than two months later, in Argentina. The two countries will receive technology and innovation hubs to develop solutions focused on local financial problems.
In six years of existence, Nubank reached the mark of more than 12 million customers, becoming Brazil’s sixth-largest financial institution in number of customers, and the largest digital bank in the world.
Recently, the company entered the corporate market with the announcement of a new digital account for SMEs, a market with more than 20 million companies in Brazil. Search for talent Nubank today has more than 1,700 employees in Brazil, Germany, Argentina, and Mexico. The company expects to significantly grow its employee base over the next few years.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: