Tencent buys minority stake in Brazil's Nubank

Tencent buys minority stake in Brazil's Nubank

Chinese ec-ommerce powerhouse Tencent is extending its interest in the banking sector with a $180 million investment in Brazilian neobank Nubank.

The move comes ahead of Nubank's move into the consumer loans market, having already signed up 2.5 million customers to its digital payment accounts and issued 5 million credit cards.

Tencent, which launched China's first online-only bank in 2015, has invested in a host of digital and online financial services startups across the globe.

In a statement confirming the deal, Tencent President Martin Lau said that the investment is aimed at helping Nubank “build a full-service personal finance platform".

Nubank, has so far raised $330 million through six financing rounds since its inception in May 2013, including a $150 million capital injection from DST Global and Sequoia in March this year.

The new funding from Tencent gives Nubank a valuation of $4 billion.

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