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Nubank

Nubank

Nubank is a financial technology company based in Brazil issuing, administrating, processing and transfering payments related to post-paid credit cards and equity investments.

Founded in 2013 by David Vélez, Cristina Junqueira, and Edward Wible, to offer banking and credit services in Brazil. They offer their signature purple MasterCard, high-interest savings accounts, personal loans, and debit cards for consumers and small-to-medium enterprises (SMEs).

History

They launched their first product, a MasterCard Platinum credit card managed through Nubank's app, in 2013. The card attracted customers with no fees – afforded by their lower overheads than traditional banks – and lower interest rates than their brick-and-mortar competition. Nubank used their mobile interface to simplify the credit application process as well.

During Brazil's 2016 recession, Nubank introduced rewards programs to their credit card offerings. They were confident their low overhead and conservative credit modelling, built during an economic downturn, would protect them during the recession.

NuConta

Nubank received regulatory approval to operate as a bank in January 2018. They opened their new digital bank accounts – named NuConta – which gave customers access to billpay, account-to-account transfers and the ability to save more than regular savings accounts.

Conta PJ

Similar to their NuConta accounts, Conta PJ are aimed at small businesses as a business account. Offering users free transfers between accounts and banks, bill and taxes payments, deposit via boleto and the "charge money" feature which allows users to send a link to remind others to send them money.

Nubank also offers personal loans which emphasize transparency into their rates. They allow users to run a simulation of their loan to see the impact the fee and payment structure would have on them and allows them to manage their payments.

Funding
Seed Round

In July 2013, Nubank raised $2 million in their seed round. Investors included Sequoia Capital and Kaszek Ventures.

Series A

Nubank raised $14.3 million in their Series A. Sequoia Capital led the round which included QED Investors, Nicolas Berggruen and Kaszek Ventures. The announcement of their Series A funding coincided with their launch of a MasterCard Platinum credit card managed through Nubank's Android or iOS app.

Series B

In June of 2015, Nubank raised $30 million. Tiger Global Management led the round, which included Sequoia Capital, Kaszek Ventures and QED Investors.

Series C

In January 2016, Nubank raised $52 million in financing. Founders Fund led the round which included participation from returning investors Sequoia Capital, Kaszek Ventures and Tiger Global Management. The post-financing valuation of Nubank was $500 million.

Debt Financing

In April of 2016, Nubank recieved $56 million from Goldman Sachs in a debt financing round.

Series D

In December of 2016, Nubank raised an $80 million round. DST Global led the round which included participation from Sequoia Capital, Tiger Global Management, Founders Fund and QED Investors. This financing came during one of Brazil's worst recessions.

Debt Financing

In August 2017, Nubank raised another debt financing. The round was valued at $144 million and involved Goldman Sachs, who increased their current credit to Nubank, and Fortress Investment Group.

Series E

Nubank raised $150 million in March 2018. DST Global Investment led the round, which included participation from Founders Fund, Redpoint Ventures, Ribbit Capital LP, QED Investors, Dragoneer Investment Group and Thrive Capital Partners. This funding came after Nubank received regulatory approval to operate as a bank, its new digital account and announced 13 million Brazilians had applied to be a Nubank customer.

Secondary Market

Nubank announced a $180 million investment from Tencent in October 2018. This brought Nubanks valuation to $4 billion.

Series F

The July 2019 round raised $400 million for Nubank. TCV led the round which included participation from Tencent, DST Global, Sequoia Capital, Dragoneer Investment Group, Ribbit Capital LP and Thrive Capital. The financing came off of Nubank expanding their offerings geographically, opening offices in Mexico and Argentina in May of 2019. This round of financing brought Nubank to a $10 billion valuation.

Timeline

January 2021
Nubank raises a $25,000,000,000 series G round from GIC Pte Ltd, Invesco and Whale Rock Capital Management.
January 2021
Nubank raises a $25,000,000,000 series G round from Dragoneer Investment Group, GIC Pte Ltd, Ribbit Capital, Sequoia Capital and Tencent.
July 26, 2019
Series F

Brazil-based Nubank has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV.

July 2019
Nubank raises a $400,000,000 series F round from DST Global, Dragoneer Investment Group, Ribbit Capital, Sequoia Capital, TCV, Tencent and Thrive Capital.
October 8, 2018
Nubank is now worth $4 billion after Tencent's $180 million investment.
March 30, 2018
Nubank Challenges Brazil's Big Banks in Wake of $150 Million Funding Round. The Series E also featured participation from current investors Founders Fund, Redpoint Ventures, Ribbit Capital LP, and QED.

In addition to its equity capital of $330 million, Nubank received a $137 million (R$455 million) line of credit from Goldman Sachs last year.

March 2018
Nubank raises a $150,000,000 series E round from DST Global, Dragoneer Investment Group, Founders Fund, QED Investors, Redpoint Ventures and Ribbit Capital.
December 7, 2016
DST leads $80M round in Brazil's Nubank to take on the big boys in financial services.
December 6, 2016
Nubank raises a $80,000,000 series D round from DST Global, Founders Fund, QED Investors, Redpoint eVentures and Sequoia Capital.
January 7, 2016
Nubank raises a $52,000,000 series C round from Founders Fund, Kaszek Ventures, Sequoia Capital and Tiger Global Management.
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Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Nubank funding round, July 2019
400,000,000
July 2019
12 Results
Results per page:
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Products

Product
Website
Launch date
Industry
2 Results
Results per page:
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Acquisitions

Acquisition
Acquired company
Acquisition amount (USD)
Date announced
1 Result
Results per page:
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People

Name
Role
LinkedIn

Adam Edward Wible

Co-Founder

Cristina Junqueira

Co-Founder

David Velez

Co-Founder

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Tage Kene-Okafor
May 6, 2021
TechCrunch
Tech investments in emerging markets have been in full swing over the past couple of years and their ecosystems have thrived as a result. Some of these markets like Africa, Latin America, and India, have comprehensive reports by publications and firms on trends and investments in their individual regions. But there's hardly a report to [...]
Matt Gaughan
April 12, 2021
Business Insider
Nubank's $135 million investment could help secure market share dominance in the country, where a slew of neobanks are competing for consumers.
Reza Chowdhury
February 5, 2021
AlleyWatch
The Pulse of New York Tech
Rachel Green
January 29, 2021
Business Insider
Nubank raised $400 million and has nearly tripled its users since 2019, and it should prioritize bringing more valuable products to its customers.
Callum Burroughs
January 29, 2021
Business Insider
Brazilian challenger banking fintech startup Nubank is now one of the most valuable private startups in the world.
Danny Crichton
January 28, 2021
TechCrunch
While the pandemic has left some startups strapped for cash, the aptly-named Brazilian neobank Nubank is swimming in it. This morning, the company announced that it has raised a $400 million Series G round, putting their total funding to date at $1.2 billion. But even more remarkable, in addition to their new $25 billion valuation (up from [...]
Reuters
January 13, 2021
@bsindia
Vijay Shekhar Sharma said the crisis had forced more merchants to use PayTMs platforms as businesses were forced to accept digital payments
Rachel Green
January 7, 2021
Business Insider
N26 has teased its entrance to the Brazilian market since 2019--and while it presents major opportunities, a big threat looms in the shape of Nubank.
Mark Stenberg, Jennifer Ortakales Dawkins, Dominick Reuter and Emily Canal
December 11, 2020
Business Insider
These paydays include billions of dollars for companies in finance, real estate, and transportation, as well as millions for a hot ecommerce site.
Michael Tattersall
December 3, 2020
Business Insider
Nubank has rolled out a low-cost, digitized life insurance product in Brazil, which will be underwritten by global insurer Chubb.
Anna Escher
March 3, 2020
TechCrunch
Nubank, the Brazilian digital bank valued at $10 billion, is launching its Nu credit card in Mexico - a country where the unbanked population counts 36 million people. The Sao Paulo-based fintech company, known for its fully-mobile digital bank and credit card, has raised $820 million across seven rounds of investment and has amassed nearly [...]
Anna Escher
November 27, 2019
TechCrunch
Argentina's Ualá became the most recent Latin American fintech to receive a growth-stage funding ($150 million) from Asian investors, Tencent and Softbank. This marks Tencent's second round of investment in Ualá, the first coming in April 2019. Tencent also invested $180M in Brazil's leading neobank, Nubank in 2018. With Ualá, Tencent and Softbank will join a [...]
Reuters Editorial
October 11, 2019
U.S.
Brazilian financial technology start-up Nubank now has 15 million clients, the firm's chief executive said on Friday, a figure which underlines the rapid growth of the Sequoia Capital-backed venture in Latin America's largest economy.
Council of the Americas
September 17, 2019
www.prnewswire.com:443
MIAMI, Sept. 17, 2019 /PRNewswire/ -- Council of the Americas (COA) announces the final group of leaders that will be honored at the 25th edition of the BRAVO...
Danny Crichton
July 26, 2019
TechCrunch
Another day, another mega round for a fintech startup. And this one is mega-mega. Brazil-based Nubank, which offers a suite of banking and financial services for Brazilian consumers, announced today that it has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV. The growth-stage fund is best known [...]
Aluisio Alves
May 7, 2019
U.S.
Brazilian fintech firm Nubank will open an office in Mexico on Tuesday, an initial step in a potential expansion into other Latin American countries, a company executive said.
Aluisio Alves
May 7, 2019
U.S.
Brazilian fintech Nubank is opening an office in Mexico on Tuesday, an initial step in a potential expansion into other Latin American countries, an executive said.

References

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