Nubank was valued at more than $10 billion in its latest funding round.
In a statement Brazilian fintech startup Nubank stated, it has raised $400 million in a new funding round led by TCV, a U.S. investment firm.
Its existing investors include China’s Tencent Holdings Ltd, Ribbit Capital, DST Global, Dragoneer, and Sequoia Capital.
Thrive Capital participated in this latest funding round.
Since its foundation in 2013, Nubank has raised $820 million from investors.
In an interview, David Velez, Nubank’s founder and CEO, stated the company will use the proceeds to increase its footprint in not only Brazil but will also set up new branches in Latin America.
In 2019, Nubank commenced operations in Argentina and Mexico.
The new financing round also comes as Nubank has expanded its product portfolio beyond a free-of-charge credit card. It currently offers digital savings accounts and personal loans. Earlier this month, it also launched digital accounts for small business owners.
As per a report from the Wall Street Journal, Nubank was valued at more than $10 billion in its latest funding round. Nubank did not disclose its valuation.