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September 5 2020

Brazilian challenger Nubank secures $300 million funding

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Brazil’s most important fintech startup Nubank has raised $300 million in equity investments, according to a filing with the U.S. Securities and Exchange Commission.

Read also: Monzo introducing new fees for services

This funding consisted of five new investors whose names were not publicized. The list of previous investors includes TCV, Tencent, DST Global, Sequoia Capital, and Ribbit Capital.

Nubank reached 26 million clients in June. That makes it Brazil’s second-largest credit card issuer, just behind the country’s top lender, Itau Unibanco Holding SA , according to a note by UBS analysts.

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The Brazilian challenger bank is still not managaing to get back from heavy losses.

However, with this year’s first-half loss of BRL 95 million ($17 million) compared to a loss of 140 million reais in the same period a year earlier the bank has seen some improvement.

“The loss is a decision, and therefore expected as part of the current growth strategy,” said CFO, Marcelo Kopel.

“We chose to invest in the company, people and the development of new technologies. This model is well known and used by technology companies,” he added.

In Brazil and Mexico, where it expanded in March, Nubank has about a 7.4% share of all consumers.

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