Nubank raises US$400 million in a Series G investment round

Since the last funding round in July 2019, we have almost tripled our customer base from 12 million to 34 million people, carried out three acquisitions, launched operations in Mexico and Colombia, and diversified our product portfolio.

Picture of the office in Brazil
  • With this Series G, Nubank has raised over US$1.2 billion in funding in the past seven years.  
  • Since the last funding round in July 2019, the digital bank has almost tripled its customer base from 12 million to 34 million people, carried out three acquisitions, launched operations in Mexico and Colombia, and diversified its product portfolio offering now insurance, investments and instant payments.
  • Through this round, Nubank is now one of the five most valuable financial institutions in Latin America. The proceeds from the round will enable the company to scale and grow even further its operations across the region.

São Paulo, January 28th, 2021 — Nubank, the largest independent digital bank in the world,  today announced it has raised US$400 million in Series G funding and is now among the five most valuable financial institutions in Latin America. The round was led by a renowned group of private and public equity investors including GIC, Whale Rock and Invesco. Current Nubank investors Sequoia, Tencent, Dragoneer and Ribbit also participated in the round. 

Nubank, currently the largest digital bank in the world by number of customers and the most downloaded app in the market, has seen exponential growth since its last investment round -Series F- in July 2019. The company’s customer base has grown from 12 million to 34 million people, across all age groups, in a clear acceleration in the adoption of digital services. Moreover, Nubank, whose core operation since its founding has been focused on Brazil, has undertaken internationalization, with the launch of operations in Mexico and Colombia. Combined, the three countries represent about ⅔ of the population and the GDP of Latin America. As Nubank’s Brazilian operation has been cash flow positive since 2018, the proceeds from the round will be primarily used to fund and accelerate the growth of international operations.

“Nubank was born out of the conviction that people deserved better, more transparent and human financial services that would allow them to be in control of their money and their future. We started seven years ago in Brazil, a country with one of the most concentrated banking sectors in the world, and we were able to free millions of people of the bureaucracy and the pain. Through technology and a human customer service, we were able to have a positive impact on their daily lives”, explains David Vélez, CEO and founder of Nubank, and adds: “But this pain is not exclusive to Brazilians. It is a pain shared among all Latin Americans. With this new round of funding, we will be able to grow and scale our recently launched operations in Mexico and Colombia, and free more and more people from complexity”.

Through its Series G round, Nubank partners with private and public equity investors, who are among the largest technology and emerging markets investors in the world, while strengthening the relationship with current investors.

“It’s an honor for us to welcome such a renowned group of private and public equity investors, who have experience backing some of the most innovative and disruptive companies of our time. We are privileged to have their support and learn from their experience to continue growing our business”, adds Vélez.

“We look for powerful, disruptive trends that are inflecting up the S-Curve and then seek to identify and invest in the emerging category winners. Nubank, with its strong market position, talented leadership and culture, and runway for growth and innovation fits into our framework perfectly. Digital banking and fintech is one of the largest and most attractive S-Curves, and Nubank is one of best companies globally we’ve seen attacking it. We look forward to supporting their growth and expansion as leaders of the digital banking sector”, explains Alex Sacerdote, Founder and Portfolio Manager at Whale Rock Capital Management.

“Throughout the years, Nubank has proven to have an impressive ability to execute ambitious plans with flexibility to adapt to an ever-changing context, without ever losing their culture and customer-centric approach. We first backed Nubank when it was one founder with an idea and we are excited to keep following their journey for years to come”, says Doug Leone, Global Managing Partner of Sequoia Capital. Sequoia has participated in all investment rounds carried out by the digital bank, including a seed investment in 2013.


In a region where roughly 50% of the population is still unbanked and a few traditional banks hold between 70 and 80% of the market share, Nubank’s disruption in the financial industry through its fully-digital service has been a catalyst for innovation and inclusion. 

The company’s core product offering includes a no-fee credit card with currently about 20 million customers and a digital savings account, held by about 30 million people. Through these products that put an end to the abusive fees of the market, Nubank customers were able to save around US$3 billion in seven years and a large portion of the unbanked population was able to be financially included through Nubank: more than 20% of the digital bank’s customer base had never had a credit card before.

It is with the credit card product that Nubank has entered new markets in the last year. In Mexico, the company is already among the six largest issuers of new cards and received more than one million applications to become a customer. In more recently launched Colombia, more than 200.000 people have signed up for  the waitlist in less than four months.

Yet, Nubank is evolving into a full-service digital platform and now offers a larger portfolio of products and services including lending, investments, insurance and instant payment solutions. Nubank entered the investments sector with the acquisition of the largest digital platform in Brazil, Easynvest. “While our core is in financial services, we see no limits for the ways Nubank can fight complexity and have a transformative impact in people’s lives. It’s still day one for us, the opportunities ahead are endless”, adds Vélez. 


Nubank was founded in 2013 to free people from a bureaucratic, slow and inefficient financial system. Since then, through innovative technology and outstanding customer service, the company has been redefining people’s relationship with money across Latin America. With operations in Brazil, Mexico and Colombia, Nubank is today the world’s largest independent digital bank, reinventing over 34 million customers’ financial lives.

Nubank achieved this by offering a no-fee credit card, entirely managed by a mobile app and currently used by about 20 million people, and a digital account, free of taxes, held by about 30 million Brazilians. Nubank also offers transparent and hassle-free personal loans, a benefits program with points that don’t expire, and a business account tailored for SMBs. In 2020, Nubank acquired digital broker Easynvest and became the leader in self-directed digital investments in Brazil. 

Throughout the years, Nubank raised over US$1.2 billion with some of the best-known growth and technology investors in the world, such as Sequoia, DST, Tencent, Tiger, Kaszek, Founders Fund, Dragoneer, TCV, Redpoint, Ribbit, GIC, Whale Rock, Invesco and QED.

Nubank was elected by Forbes magazine as the best bank in Brazil — and one of the best in the world — for two years in a row, 2019 and 2020. Fast Company magazine named Nubank the most innovative company in Latin America and as the most valuable challenger bank by CBInsights.
Today, Nubank is a global company, with offices in São Paulo (Brazil), Mexico City (Mexico), Buenos Aires (Argentina), Bogotá (Colombia), Durham (United States) and Berlin (Germany). It was founded in 2013 in Sao Paulo, by Colombian David Vélez, and cofounded by Brazilian Cristina Junqueira and American Edward Wible. For more information, visit

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