Nubank raises a staggering $400m
Brazil’s challenger, Nubank, has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV.
According to Nubank, the company has now raised $820 million across seven venture rounds. The bank is valued at above $10 billion, reaching the state of decacorns.
Nubank now has 12 million customers for its various products, making it the sixth-largest financial institution by customer count within its home market, which has a population of roughly 210 million people.
Nubank recently expressed its intentions to soon expand its offerings to Mexico and Argentina.
Over the past year, the company has expanded its product offerings to include personal loans and cash withdrawal options as part of its digital savings accounts.
NuBank was founded in 2013 by co-founders Adam Edward Wible, Cristina Junqueira, and David Velez.
In addition to TCV, existing backers Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital and Thrive Capital also participated in the round.