Brazilian challenger bank Nubank gained a massive $750 million funding in its recent Series G financing extension round. The financing round was led by Warren Buffett’s Berkshire Hathaway with $500 million in investments. According to Reuters, this brings the company’s total valuation to $30 billion.
Apart from Berkshire Hathaway leading the Series G extension round, other investors also took part in the funding. These include Sands Capital, as well as funds such as CPP Investments, MSA Capital, Sunley House Capital, Tarsadia Capital, and China-based tech giant Tencent, notes Forbes.
Others such as Absoluto Partners and Verde Asset Management also participated in the second extension funding round, completing the $250 million investment. Forbes said that with the two Series G extension rounds, Nubank has now raised a total of over $1.5 billion, the largest across Latin America.
The Brazil-based challenger bank is primarily known as a credit card issuer. Tech Crunch states that it is considered the largest digital bank in the world, with 40 million customers under its reach across Brazil, Colombia, and Mexico.
Besides providing credit cards, Tech Crunch reveals that the fintech company now offers an array of products such as a debit card, a digital bank account, P2P payments, loans, life insurance, rewards, and many others.
Following Nubank’s fresh funding, it aims to further expand to Mexico and Colombia. Reuters also reports that the company plans to double down on new products and add more employees to achieve its goals.
Among the products that are currently being developed by Nubank include a no-fee credit card, credit card, and investment products via Easynvest. Easynvest was acquired by the Brazilian challenger bank in 2020, states Tech Crunch.
As part of its expansion plan, Nubank has hired Matt Swann to take over its chief technology officer role, previously led by Ed Wible. It has also enjoined the service of Arturo Nunez as its chief marketing officer.