Financial technology startup decacorn Nubank successfully raised $400 million in the recent Series F Funding round. The funding round was led by investment firm TCV.
Other investors who also participated in the Series F Funding round included existing backers such as Dragoneer, DST Global, Ribbit Capital, Sequoia Capital, Tencent, and Thrive Capital. Since its initial public launch in 2013, Reuters reports that it has garnered $820 million from its list of investors.
The additional $400 million financing puts Nubank’s total valuation at more than $10 billion, says The Wall Street Journal. This valuation allowed the Brazil-based fintech to secure decacorn status, reports Tech Crunch. Despite these claims, the company remained mum regarding its current valuation.
According to Reuters, the recent round of funding comes shortly after the startup company expanded its product offerings. Besides the initial credit card offerings, the fintech firm also ventured into offering a series of personal loans and digital savings accounts for users. Earlier this month, the corporation also provided digital accounts for SMEs.
Chief executive officer and co-founder David Velez reveals in an interview with Reuters that it plans to use the funding towards expanding their growth both in Brazil as well as other Latin American countries. Based on the press release by the financial institution, the investment “marks TCV’s first significant investment in Latin America” today. Other notable investments from TCV include Airbnb Inc., Netflix Inc., Spotify Technology SA, and Zillow.
Together with its expansion in Mexico and Argentina, the financial technology firm looks to add more employees over the years, particularly software engineers who can further their ideas and developments in the field. Likewise, the fintech firm remains committed to “giving back to people the control of their finances” through affordable basic financial services.
As of writing, Nubank claims to service more than 12 million customers.