Nubank has attracted $400 million in a new round of investments, which will support the company’s international growth.

The funding makes it one of top five most valuable FinTechs in Latin America.

Some of the money will be invested in Brazil, but most of the funding will be used to expand its service to Mexico and Colombia.

Since its last investment round in July 2019, the business has seen its users in Brazil almost triple from 12 million to 34 million people, which the neobank said makes it the largest independent digital banking in terms of customers.

The company has also launched several new products since then, expanded in Latin America, and bought PlataformaTec , Cognitect and Easynvest.

According to the company, 50 per cent of the Latin American region are unbanked, with a handful of traditional banks controlling over 70 per cent of the market.

The FinTech said that it has helped deliver financial inclusion in the region, with 20 per cent of its customers never having had a credit card before joining the bank.

It said that in Mexico, more than 1 million people have already applied for the Nubank card, while in Colombia there is a waiting list of more than 200 thousand subscribers to its roxinho card.

Nubank's new investment round, called the G Series, was attended by as GIC, Whale Rock and Invesco, as well as former Nubank investors Sequoia, Tencent, Dragoneer and Ribbit.

Share Story: