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Nubank Attracts USD 400 Million in New Investment Round

Series F is the largest round of investment ever captured by Nubank. Since the last round, the customer base has more than doubled, reaching over 12 million people in Brazil.


Press release Nubank US$400 mi: foto do prédio do Nubank em São Paulo

  • Series F is the biggest round of contributions ever captured by Nubank
  • Since the last round in October 2018, the customer base has more than doubled, reaching over 12 million people in Brazil.
  • The product portfolio has also evolved from a personal loan, PJ account and debit function to its digital account (NuConta), as well as the consolidated credit card and Rewards program.
  • The company began this year its international expansion to Mexico and Argentina.
  • Nubank continues to search for talent for its four offices worldwide

Nubank, the leader in financial services technology in Latin America, announced today that it has raised $ 400 million in investments in its F-Series. The new round was led by the TCV fund, one of the largest financial services companies. Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital and Thrive Capital, which have participated in previous contributions. As with other Nubank investors, this is TCV’s first significant investment in Latin America.

With this new injection of funds, Nubank has accumulated $ 820 million raised in seven rounds of investment since its founding in 2013.

Brazil’s sixth largest financial institution by number of clients, Nubank began its international expansion in May this year. The company has opened offices in Mexico and Argentina, countries that present challenges similar to those encountered in Brazil, and is preparing to start operations and serve customers in both countries over the coming months.

The company is also continuing to expand its product portfolio, having recently launched personal loan services and the debit function for its digital account, NuConta. In addition, Nubank has just started testing its PJ account, aimed at entrepreneurs and small businesses, which also adds to the already consolidated credit card and Rewards program.

“We remain firm in our mission to combat complexity and give people back control of their finances. While technological change has been transformative for most industries around the world, most banked consumers continue to pay absurd interest rates and fees to receive very bad financial services in return. In addition, more than two billion people still do not have access to basic financial services. With this new investment from TCV and our other investors, we hope to contribute to significantly change this situation, accelerating our growth in Brazil and promoting the launch of our new Latin American markets. ”Says David Vélez, founder and CEO of Nubank.

“We are proud of our shareholder base and how they continually support our business. Since our founding, we have had the privilege of leveraging the expertise of some of the world’s most successful technology investors, and this TCV-led round further strengthens our capital base, ”says Vélez. “TCV has supported some of the most successful disruptors of our time, including Netflix, Spotify and Zillow, with capital, strategic orientation and experience. We are very pleased with our partnership to expand our business. ”


“TCV has a long tradition of supporting founder-led companies that leverage technology to deliver magical consumer experiences,” says Woody Marshall, a partner at TCV. “David Velez and his team built an impressive business at Nubank. We were amazed at its position in the market, product-centric DNA and relentless focus on the customer experience. We look forward to supporting your expansion into new markets and providing additional services to your consumers. ”

New products and internationalization

Nubank began offering debit and withdrawal functions to NuConta in late 2018, consolidating its digital account as a complete alternative to meeting the basic financial needs of all Brazilians. Today, more than 8 million Brazilians are already NuConta customers.

After completing the process to obtain its license as a financial institution, the company launched in early 2019 a personal loan service, which is now available to over 500,000 customers. Nubank then reached 100% of the 5,570 Brazilian municipalities, a milestone in a country where only 60% of cities have bank branches.

In the second quarter of this year, the company also began its international expansion, announcing the start of its operations in Mexico and, less than two months later, in Argentina. Both countries will receive technology and innovation hubs to develop solutions focused on their local financial problems.

In six years, Nubank still reached the 12 million customer mark, becoming the sixth largest financial institution in Brazil in terms of customer numbers and the largest digital bank in the world. Recently, the company entered the corporate market with the announcement of PJ account testing, a market with over 20 million companies in Brazil.

Talent Search

Nubank currently has over 1,700 employees in Brazil, Germany, Argentina and Mexico. The company expects to significantly expand its staff in the coming years.

“We are always looking for the best talent in the world. We build strong and diverse teams of professionals from different cultures to together challenge the status quo and combat complexity. We are a technology company at its core and so we want the best professionals to be part of our global team, ”says Vélez.

About Nubank

Nubank is today the leading fintech in Latin America, with over 12 million customers. In 2014, the company launched its first product, a non-annual credit card that is entirely managed by a mobile app and has been requested by over 30 million people. In 2017, Nubank also launched its benefits program, Nubank Rewards, and NuConta, a digital account that is already used by 8 million Brazilians. This year, the company began testing its personal lending service and took the first steps in its international expansion by opening offices in Mexico and Argentina. To date, Nubank has raised about $ 820 million in seven investment rounds with TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent. In 2019, Fast Company magazine named Nubank the most innovative company in Latin America and the 36th in the world in the ranking of the 50 Most Innovative Companies. Learn more at .

About TCV

Founded in 1995, TCV provides capital to growing public and private companies in the technology sector. Since its inception, TCV has invested more than $ 11 billion in leading technology companies, including more than $ 1.5 billion in fintechs, and has helped guide CEOs in over 120 IPOs and strategic acquisitions. TCV’s investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia, Facebook, LinkedIn, Netflix, OSIsoft, Payoneer, RELEX Solutions, Rent the Runway, Splunk, Spotify, Toast, WorldRemit, Xero and Zillow. TCV is headquartered in Menlo Park, California, and has offices in New York and London. For more information about TCV, including a complete list of your investments, visit

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