Brazil's Nubank Valuation of More than $ 10 Billion was evaluated in the New Funding Round


Brazilian financial technology company Nu Pagamentos SA has risen by $ 400 million in dealing with value of the company more than $ 10 billion, according to people who are familiar with the subject.

It is expected that TCV's enterprise firm in the growth phase will be at the forefront, with participation from Singapore's sovereign wealth fund, GIC Private Ltd..

Tencent Holdings

TCEHY 0.58%

DST Global, Sequoia Capital and Redpoint Ventures are also expected to participate.

The company, called Nubank, had talks better with previous talks

SoftBank Group Corp..

9984 1.09%

about potential investment, but those talks broke down, the people said.

The funding, which highlights an increased interest in Latin American technology companies, would make Nubank the most respected private high-tech company in Latin America, according to PitchBook Data Inc..

Nubank and TCV refused to comment.

Nubank has around 10 million customers for its digital credit card, consumer and loan business, according to a person who is familiar with the subject.

In February 2019 David Velez, founder and CEO of Nubank, and Cristina Junqueira, co-founder and vice-president of brand and business development at NuBank, left.


News Rodrigo Capote / Bloomberg

The company, with whom it is a partner


it launched its mobile app and digital credit card in 2014, freeing it to consumers. Nubank generates income from merchant fees and from outstanding credit card balances.

The company recently added its sights on international expansion, starting with Mexico, where it then does business under the name Nu.

Nubank raised about $ 420 million in previous funding from both local and international investors.

Tencent led the company's last funding fall and made $ 4 billion worth of business. At that time, Nubank was already the most valuable start in Latin America, according to PitchBook.

Private capital investors are increasingly looking for Latin America to access growth opportunities. Last year, venture capitalists poured $ 2.5 billion into start-ups in the area, the data show. This is more than double the amount invested in 2017.

Earlier this year, SoftBank said it plans to invest $ 5 billion in the region. He recently invested $ 1 billion in delivering delivery delivery Rappi Inc.. based in Colombia. The business led a $ 231 million investment in Brazilian loan start-up credit.

Local enterprise firms Kaszek Ventures and Monashees Capital are raising an estimated $ 750 million for new funds, according to people who are familiar with the subject.

Other active investors in Latin America include and 500 Startups, with numerous written checks.

Write Katie Roof at and Peter Rudegeair at

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