The funding helps the company reach a valuation of $30B. Here are the top-line bullets you need to know.
Nubank, a fintech company, has raised $750M in an extended Series G round that drew participation from Berkshire Hathaway, Sands Capital, CPP Investments, and MSA Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Brazil-based Nubank is a digital banking services provider that offers several financial products, such as savings bank accounts, debit cards, no-fee credit cards, P2P payments, loans, and life insurance.
- The company caters to more than 40M customers across Brazil, Mexico, and Colombia, making it the largest digital bank in the world. With 45,000 signups daily, its customer base has increased from 12M to 40M since 2019.
- The company reportedly initiated the listing process for the US stock market in 2021.
- Nubank recently acquired Easynvest, a digital investment platform that has a portfolio of over $5B in assets under control and caters to 1.6M customers.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides an enormous opportunity for growth to providers and first movers.
- The market has seen a boom in funding in recent years. In 2020, VCs invested over $42B in fintech companies.
- The Covid-19 pandemic accelerated the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.