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Nubank announces Tencent as new strategic partner and investor

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The Chinese giant’s investment comes six months after the Nubank E-Series round of $ 150 million

Fintech has already raised about $ 420 million in investments from companies such as Sequoia Capital, Kaszek Ventures, Tiger Global, Founders Fund, DST Global, Thrive and QED.

A leader in financial services technology in Latin America, Nubank has just raised a $ 90 million investment from Tencent Holdings Limited (“Tencent”), China’s leading Internet services portal.

With this round, the company reaches about $ 420 million raised in seven rounds of investment since it was founded in 2013.

A leader in financial services technology in Latin America, Nubank has just raised a $ 90 million investment from Tencent Holdings Limited (“Tencent”), China’s leading Internet services portal. With this round, the company reaches about $ 420 million raised in seven rounds of investment since it was founded in 2013.

“We are very happy and honored to partner with Tencent. Their experience in creating the future of financial services is unmatched globally,” said David Vélez, founder and CEO of Nubank. “Nubank was created to be an alternative to the highly concentrated Brazilian banking system, giving people control over their own money. In just four years, we have served more than five million Brazilians and we have become the leading platform for digital financial services Brazil and Latin America.As we aim to expand our reach and have a product for each Brazilian, we hope to learn a lot from Tencent’s experience in China. “

 

“With the creation of a strong brand and operational experience, Nubank has grown robustly in recent years and has become one of the largest digital user banks in the world,” said Martin Lau, president of Tencent. “We are very excited to participate in growth opportunities in Brazil and Latin America more broadly through this strategic partnership with Nubank and help the company build an even more complete financial services platform.”

 

“Nubank has already generated operating cash flow since last year, so we really do not need more capital at the moment, but we just could not pass up the opportunity to have Tencent with us,” Vélez says. “As we get to know their team better, we were convinced that we found a great partner to help us with the plans we have for the future.” 2018 remains another great year for Nubank.

In January, fintech obtained authorization from the Central Bank to operate as a financial institution, followed by a $ 150 million fund-raising led by DST Global. Recently, Nubank has also announced the milestone of 5 million card users and 2.5 million customers at NuConta, making it the largest digital bank in the world outside Asia.

 

Oliver Smith

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