Brazil-based Nubank closes $150m Series E

Brazil-based banking platform Nubank has collected $150m in its Series E round of funding.

DST Global Fund led the investment, and participation also came from Founders Fund, Redpoint Ventures, Ribbit Capital, QED, Dragoneer Investment Group and Thrive Capital.

Founded in 2013, the company is a digital banking solution for Brazilians that gives consumers access to fair and transparent services. The company provides a mobile banking account, which enables them to send and receive money through transfers including QRs.

Nubank also provides consumers with a Mastercard that can be used at more than 30 million merchants around the world.

The company hopes the capital will support the growth of its platform, and further the expansion of its reach and offerings.

Last year, Nubank launched the rewards platform which provides account holders with rewards and discounts based on their spending.

Earlier in the year, Brazil-based mobile payments and wallet platform RecargaPay closed a $22m Series B funding round from investors including IFC. The company raised the equity to grow its team and develop its technology and products.

The WealthTech sector received the lion share of funding in Brazil’s FinTech space, last year, according to data by FinTech Global. The sector received $182m, which represents around 66 per cent of the capital invested in the country.

Copyright © 2018 FinTech Global

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