Nubank, the provider of financial technology in Latin America, has announced it has raised USD 400 million in its Series F investment round, the company said.
The round was led by TCV, one of the largest growth equity firms based in the US, and marks TCV´s first significant investment in Latin America. Existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also participated in the round. The transaction is subject to customary closing conditions.
With this new round, Nubank has raised USD 820 million in seven investment rounds.
Nubank, currently Brazil´s sixth-largest financial institution by number of clients, started its international expansion in May of this year. The company has opened offices in Mexico and Argentina and is preparing to start operations and serve customers in both countries over the coming months.
In six years of existence, Nubank reached the mark of more than 12 million customers, becoming Brazil´s sixth-largest financial institution in number of customers, and the largest digital bank in the world. Recently, the company entered the corporate market with the announcement of a new digital account for SMEs, a market with more than 20 million companies in Brazil.
Nubank today has more than 1,700 employees in Brazil, Germany, Argentina, and Mexico. The company expects to significantly grow its employee base over the next few years.