Brazilian fintech firm Nubank, the company which offers a number of banking and financial services across Brazil has secured $400 million as part of Series F financing led by California, Menlo Park-based TCV. The round also saw participation from the existing backers that included Tencent Holdings Ltd, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital and Thrive Capital.
The last investment for the company came in October last year when Tencent Holdings had infused $180 million. The current infusion takes the total funding raised by the firm over $1.1 billion. Founded in 2013 by Adam Edward Wible, Cristina Junqueira, and David Velez, Nubank offers financial services to more than 12 million of its clients across the country. The company has started on its global expansion plans as well with offices in Argentina and Mexico. While the company was initially app-controlled credit card and rewards products, the firm now has forayed in the lending domain through a personal loan product and digital savings account for consumers and SMEs.
Commenting on the funding from TCV, co-founder and CEO David Vélez said that “With this new investment by TCV and our existing investors, we expect to contribute to meaningfully change this situation by accelerating our growth in Brazil and supporting the launch of our new Latin American markets.”
TCV’s Woody Marshall, a general partner at the firm talking about Nubank and capital infusion said, “TCV has a long history of backing founder-run businesses that leverage technology to provide magical experiences to consumers. David Vélez and his team have built an impressive business at Nubank. We have been impressed by their market position, product-centric DNA and unrelenting focus on the consumer experience. We look forward to supporting their expansion into new markets and providing additional services to their consumers.”