São Paulo, June 8th, 2021 – Nubank, the largest independent digital bank in the world, announced a second extension to its Series G round of US$250M led by Sands Capital and with the participation of renowned list of technology, emerging markets and financial services investors, including Canada Pension Plan Investment Board (CPP Investments), MSA Capital and Sunley House Capital (an affiliate of Advent International).
In this round, Nubank also welcomed equity investments from some of the best-known Brazilian investors: Absoluto Partners, an asset management company co-founded by José Zitelmann and Gustavo Hungria, and Verde Asset Management, an investment firm led by Luis Stuhlberger. Current shareholders Invesco, Tarsadia Capital and Tencent reinforced their long-term vision in Nubank and also participated in the round.
With these two extensions, Nubank’s Series G round has been raised to US$1.15B and becomes the largest private capital raise by a technology Latin American company to date.
In total, Nubank has raised around US$2 billion in funding and positioned itself as one of the most valuable digital banks in the world and one of the most valuable companies in the financial services industry in Latin America.
“With only 8 years in the market we have been able to democratize the access to financial services for 40MM people, and revolutionize the industry as a whole across Latin America to make it more simple, transparent and human. Today, we are stepping into new territories like investments and insurance as well as new geographies in Colombia and Mexico”, explains David Vélez, founder and CEO of Nubank
And he adds: “With this extended Series G round we will be able to take that revolution further”.
This was led by some of the largest global equity emerging markets and technology investors, who were joined by leading Brazilian-based equity investors and existing shareholders of Nubank. In line with the company’s plans for the near future, the proceeds of the round will be focused on supporting Nubank’s growth in three key areas, as well as general corporate purposes: continue expanding its product portfolio and market penetration, international growth, and attracting world-class talent.
“We have experience partnering with many of the leading technology, media and telecommunications companies globally. We look for companies that are not only challenging the status quo today, but shaping the future. Nubank is doing precisely that by reinventing financial services for the people of Latin America”
(Barron Martin, Managing Partner, Sands Capital)
“This investment in Nubank offers CPP Investments a unique opportunity to both increase our holdings in Latin America and participate in the transformation of the financial services industry in the region. Nubank’s strong management team and solid track record position the company well for continued growth,”
(Tania Chocolat, Managing Director, Head of Direct Equity Investments Latin America, CPP Investments)
“Nubank is revolutionizing the banking industry in Latin America by combining next generation financial technology with a relentless focus on customer experience. We have long admired Nubank’s mission-driven leadership team and believe they will improve the lives of millions while creating value for shareholders. This represents Sunley House’s seventh investment in the Brazilian Tech sector as we are firm believers in the opportunity for disruptive companies such as Nubank to drive significant change in Latin America”
(Mohammed Anjarwala, Managing Director of Sunley House Capital)
“China is the definitive benchmark for the digitization of finance. Investing globally through a China lens, we have monitored fintech players evolving across all active regions and believe Nubank is the breakout winner. As Nubank takes up the mantle of the world’s largest digital bank, it stands to greatly benefit from an infusion of Chinese best practices. We are excited to partner with Nubank to impart these strategies and support the company”
(Ben Harburg, Managing Partner, MSA Capital)
“We have witnessed how Nubank has transformed Brazil. Not only in the financial services arena, but setting a high bar in terms of customer experience, product innovation and technology disruption. We are particularly amazed by its world class talent and the speed the company is able to implement new ideas and projects. We are excited to join their journey as one of the first Brazilian investors in their capital table”
(José Zitelmann, co-founder of Absoluto partners)