The latest funding round valued Nubank at roughly USD 25 billion, according to a source familiar with the matter, more than doubling its valuation since the last funding round in July 2019. Nubank declined to comment on the valuation.
Nubank was founded in 2013 in Brazil as an issuer of a purple credit card with no annual fee. Since then, it has gained 34 million clients, launched new products and expanded throughout Latin America. Over the last seven years, it raised USD 1.2 billion in various funding rounds.
Singapore’s state investor GIC Pte Ltd, tech investor Whale Rock and Invesco led the new funding round, alongside existing investors Sequoia, Tencent, Dragoneer and Ribbit.
Nubank will use the proceeds to expand in Brazil and also in Mexico and Colombia.
Nubank launched operations in Mexico and Colombia in 2020 and is still scaling up those subsidiaries.
It also plans to launch new services, such as corporate credit cards, boost personal loans and expand its brokerage unit Easynvest, mainly aiming at middle-class individuals.
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