Nubank has raised $400 million in a Series G funding round that values the Brazilian digital banking powerhouse at $25 billion, making it among the five most valuable financial institutions in Latin America.
Led by GIC, Whale Rock and Invesco, with participation from Sequoia, Tencent, Dragoneer and Ribbit, the round brings Nubank's total funding to $1.2 billion in seven years.
Since a $400 million Series F in July 2019, the company’s customer base has grown from 12 million to 34 million people, in part thanks to expansion beyond Brazil and into Mexico and Colombia. Proceeds from the latest raise will be used to accelerate this geographical expansion.
David Vélez, CEO, Nubank, says: "We started seven years ago in Brazil, a country with one of the most concentrated banking sectors in the world, and we were able to free millions of people of the bureaucracy and the pain. Through technology and a human customer service, we were able to have a positive impact on their daily lives.
"But this pain is not exclusive to Brazilians. It is a pain shared among all Latin Americans. With this new round of funding, we will be able to grow and scale our recently launched operations in Mexico and Colombia, and free more and more people from complexity."