Latin American challenger bank decacorn Nubank has reportedly more than doubled its valuation to reach an eye-watering $25bn.
The increased valuation comes after the close of Nubank seventh investment round, which closed on $400m, according to a report from Reuters.
Nubank is now among Latin America top five financial institutions, putting it behind Itau Unibanco, Banco Bradesco, Banco Santander Brasil and XP, it said.
Last year, the challenger bank surpassed the $10bn milestone following the close of a $400m round in July 2019.
This new investment was led by GIC Pte, Whale Rock and Invesco, with previous backers Sequoia, Tencent, Dragoneer and Ribbit also contributing.
Funds from the round will be used to expand across Brazil, Mexico and Colombia, the article claims. Furthermore, the company is looking to launch new products, including a corporate credit card, personal loans and improved brokerage services.
The FinTech launched in Mexico in 2020 to help the country unbanked access financial services.
Late last year, the FinTech acquired digital investment platform Easynvest for an undisclosed sum. The deal was aimed at helping Nubank enter the investment space.
Investment into the Latin American FinTech sector has totalled $7.5bn since 2016. Despite the Covid-19 pandemic putting a lot of pressure on businesses, funding into FinTech companies in the region hit a new record. A total of $2.8bn was invested across 178 deals.
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