A new $400m round may soon push challenger bank NuBank valuation over the $10bn mark, making it allegedly join the coveted decacorn club. That means it will be a unicorn ten times over. ?
Capital provider TCV led the Brazilian FintTech company Series funding round. Venture capital firms Sequoia Capita, Thrive Capital and Ribbit Capital also helped fill the company coffers. Dragoneer Investment Group, the private and public investor that pitched in to MercadoLibre $2bn raise in March 2019, joined Nubank latest capital injection as did investor company DST Global.
The challenger bank old investor Tencent, the internet service portal, also joined the round. The Chinese enterprise previously invested into the FinTech enterprise back in October 2018. That round, supported by PayPal, saw another $180m invested into NuBank.
With this money, The Wall Street Journal reported that NuBank will have a valuation above $10bn when the deal is complete.
The news of the raise comes after NuBank announced it now services 12 million customers and expanded its product offerings to include personal loans and cash withdrawal options. Moreover, it plans to expand to Mexico and Argentina. NuBank also has a partnership with Mastercard.
NuBank had reportedly also had talks with SoftBank Grou, the Japanese IT giant that has previously invested in such well-known companies like workspace unicorn WeWork and Uber. However, these talks broke down, according to a Wall Street Journal report.
NuBank is no stranger to big rounds. It also closed a massive $150m Series E round in March 2018.
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