Nubank, a Brazil-based fintech startup, announced on Thursday it raised $400 million through its Series G funding round, which attracted new investors, including GIC, Whale Rock and Invesco, along with former investors such as Sequoia, Tencent, Dragoneer, and Ribbit.
As previously reported, Nubank was founded in 2013 and is committed to fighting complexity and empowering Brazilians to take control of their finances. More than eight million consumers have reportedly applied for the bank’s mobile-controlled credit card since its launch in September 2014. Nubank has a technology hub in Berlin, Germany, and in total, the company now has 1,500 employees from 25 nationalities, including French, Canadians, Australians, Americans, Dutch, and Mexicans.
“In Brazil, people pay the highest fees and interest rates in the world for the worst banking services. We know that technology and design can solve this problem. That’s why we came together in 2013 to redefine people’s relationship with their money, through a more efficient and transparent experience. Our goal is to put an end to all the complexity and to give everyone back control of their financial life.”
Nubank further revealed that the investment round’s funds ill be used to support Nubank’s international expansion in Latin America. Nubank explained:
“Over the past 7 years, Nubank has helped to change the financial market in Brazil: we have saved our clients more than R $ 15 billion in fees by cutting red tape and abusive charges. In addition, we helped the financial inclusion of millions of people – about 20% of our customers had never had a credit card before Nubank. It is this type of impact that we want to bring to Latin America, a region with about 50% of the population unbanked and in which a handful of traditional banks control more than 70% of the market.”
Nubank also shared in Mexico, more than one million people have already applied for the Nubank card – and in Colombia, Nubank’s Roxinho waiting list already has more than 200 thousand subscribers a few months after its arrival in the country. Nubank added:
“We know that there is a lot of work ahead of us – and many challenges. But we remain focused on what really matters: our customers. Thanks to everyone who helped us get here. We keep working to give you the best experience possible.”