Nubank Raises $30M

What does Nubank do?

Nubank, is a leading digital finance company in Brazil. It is one of the world’s fastest growing mobile markets, with 90 M smart phones in circulation among a 200M population.

How much Nubank was funded?

Nubank raised  $30M in Series B funding on June 2, 2015 from  Kaszek Ventures, Sequoia Capital, QED Investors and Tiger Global Management

Previous funding

$2M in Seed round on July 5, 2013

$14.3M in Series A funding on Septmber 25, 2014 from Gene Lockhart, QED Investors, Nicolas Berggruen, Sequoia Capital and Kaszek Ventures

What is next for Nubank?

This fintech company is focused on catering to the growing group of users. It has not disclosed its valuation with the latest round of funding, but the total investments in the company amounts to $46.3M.

David Velez, founded and CEO of Nubank said that so far the growth of the company has been totally by word of the mouth and by internationally creating a waitlist while it continues optimizing its algorithms. Part of the latest funding will be used for speeding up the process as well as starting to extend into more wider base of users beyond the restricted pool of well off millenials which the company has picked up so far as its earliest users. The company has been working to fill a specific hole in Brazilian market capitalizing on some of the inefficiencies of the traditional fin services providers and technology innovations.

More about Nubank

Nubank was founded in 2013 by David Velez. It has its headquarters in São Paulo, Sao Paulo. It is a fin-tech company which is focused on catering to the increasing group of users. It has developed a platinum Master Card Credit service which can be applied for and managed using just a mobile phone. The company has received more than 200K application from interested users with a 100K of them still kept in the waitlist so far. Those who are using these cards have made more than 750K purchases so far.