Brazilian bank Nubank carried out a new round of investments and managed to raise US $ 400 million. As a result, the company’s market valuation rose to $ 25 billion.
According to the company, the new amount will be used for the company to continue expanding its operations and services. The money for the new fundraising came from investment funds like GIC and Invesco, as well as companies that have bet on Nubank before, including Sequoia and China’s Tencent.
In the past seven years, the Brazilian fintech has already raised US $ 1.2 billion in investments, which has helped the expansion of the company in Brazil and internationally.
Nubank is already one of the five largest financial institutions in Latin America and has grown considerably since the last investment round, held in 2019. The company currently has 34 million clients and, in addition to working in Brazil, it also has operations in Mexico and Colombia.
In addition, the company has made major acquisitions over the past two years. The independent bank owns the investment firm Easynvest, the technology firm Cognitect and also the consultancy Plataformatec.
The company even managed to ride the Pix wave, the new Central Bank fast payment method. Nubank is the financial institution with a quarter of all keys registered by users of the function in the country.
In addition to carrying out extensive advertising campaigns and sweepstakes, the company also brought extra benefits to relate Pix to its platform. In November, Nubank released the use of the tool free of charge for corporate accounts.