Brazilian neo bank Nubank has raised $400 million in its largest investment round to date, valuing the six-year old startup at a heady $10 billion.
The round was led by US-based TCV, with participation from existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital. The company has now raised $820 million across seven venture rounds
The latest funding comes on the back of exceptional growth for the digital-only bank, which has more than doubled its customer base to over 12 million people in Brazil since its last funding in 2018.
During this time Nubank's product portfolio has evolved beyond its original app-controlled credit card and rewards products to include personal loans and digital savings accounts for consumers, as well as small and medium-sized businesses and microentrepreneurs.
Currently Brazil's sixth-largest financial institution by number of clients, Nubank also started its international expansion in May of this year, opening offices in Mexico and Argentina with plans to commence operations in both countries over the coming months.
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 as it expands into new territories.
David Vélez, founder and CEO of Nubank, says: "We are always looking for the best talent in the world. We build strong and diverse teams with professionals from different cultures to jointly challenge the status quo and reduce complexity. We are a technology company by nature and, therefore, we want the best software engineers as part of our global team," says Vélez.
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