By Carolina Mandl
SAO PAULO, Aug 27 (Reuters) – Brazil’s most distinguished monetary startup, Nubank, has raised $300 million in fairness investments, in keeping with a submitting with the U.S. Securities and Alternate Fee.
5 buyers participated within the deal, in keeping with the doc, which didn’t disclose their names.
Information of the doc, which was filed on June 19, didn’t floor till this week when a Brazilian monetary weblog famous it.
Nubank declined to touch upon whether or not the fairness capital constitutes a brand new funding spherical, however knowledge from Crunchbase described it as a “enterprise spherical.”
Present buyers within the Brazilian monetary know-how agency embody TCV, Tencent Holdings Ltd, DST World, Sequoia Capital, Dragoneer, Ribbit Capital, Kaszek and Thrive Capital.
Nubank, which gives bank cards – which usually carry a charge in Brazil – totally free, reached 26 million shoppers in June. That makes it Brazil’s second-largest bank card issuer, simply behind the nation’s prime lender, Itau Unibanco Holding SA , in keeping with a be aware by UBS analysts.
The Brazilian agency narrowed its first-half loss to 95 million reais from a lack of 140 million reais in the identical interval a yr earlier, because the bank added 6 million new shoppers.
In distinction with Itau, Banco Bradesco SA and Banco Santander Brasil SA, which have been hit by the coronavirus pandemic, Nubank’s bank card transactions rose 54% within the first half. It additionally offered a “wholesome” asset high quality development, UBS added.
(Reporting by Carolina Mandl in Sao Paulo Modifying by Matthew Lewis)