Brazilian fintechNubank has raised an additional $400m in Series F round led by US investment firm TCV.
The company’s existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital and Thrive Capital also participated in the latest round.
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Following the latest financing, the company has raised a total of $820m in seven rounds. Last year, Tencent invested $180m in the Brazilian fintech acquiring a minority stake in the company
Nubank funding: Future plans
Nubank intends to use the money to further accelerate its international growth and strengthen its footprint in Latin America. Recently, the fintech opened offices in Mexico and Argentina and plans to commence operations soon.
Nubank founder and CEO David Vélez said: “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.”
Additionally, the Brazilian fintech also plans to bolster its employee strength over the next few years. Currently, Nubank employs more than 1,700 people in Brazil, Germany, Argentina, and Mexico.
Vélez added: “We are always looking for the best talent in the world. We build strong and diverse teams with professionals from different cultures to jointly challenge the status quo and reduce complexity.
“We are a technology company by nature and, therefore, we want the best software engineers as part of our global team.”
In recent years, the bank has also expanded its product portfolio, which now includes personal loans and digital savings accounts for consumers and SMEs. Overall, Nubank is said to serve more than 12 million people in Brazil.
The latest Nubank funding is subject to customary closing conditions.
