Fintech industry news : Brazilian fintech Nubank, a financial technology provider in Latin America, has raised $400 million in its Series F investment round, marking the largest funding round raised till date by the firm.

In addition to this new round, Brazil’s sixth-largest financial institution has raised $820 million in total in seven investment rounds.

US equity firm TCV has led the round and registered its first significant investment in Latin America.

David Vélez – Nubank founder and CEO said: “Even though the technological change has been transformational for most industries across the globe, most banked consumers continue to pay absurd interest rates and fees to receive very poor financial services in return.

“Additionally, over two billion people still do not have access to basic financial services. With this new investment by TCV and our existing investors, we expect to contribute to meaningfully change this situation by accelerating our growth in Brazil and supporting the launch of our new Latin American markets.

“TCV has supported some of the most remarkable disruptors of our time, including Netflix, Spotify, and Zillow, with capital, strategic guidance, and industry expertise, and we look forward to partnering with them as we grow the business.”

Existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also participated in the transaction, which is subject to customary closing conditions.

Woody Marshall – TCV general partner, commenting on the investment in the Brazilian fintech, said: “David Vélez and his team have built an impressive business at Nubank.

“We have been impressed by their market position, product-centric DNA and unrelenting focus on the consumer experience.”

The customer base of the Brazilian fintech has reached more than 12 million people in Brazil since the last funding in 2018.

In addition to present app-controlled credit cards and rewards program, the product portfolio of Nubank now includes personal loans, and a digital savings account with debit function for consumers, as well as small and medium-sized businesses and microentrepreneurs.

The Brazilian fintech started its international expansion in May through offices in Mexico and Argentina and is preparing to start operations and serve customers in both countries over the coming months.

With 1,700 employees in Brazil, Germany, Argentina, and Mexico, Nubank is planning to improve its employee base in the next few years.

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  Brazil, David Vélez, Fintech industry news, Nubank, TCV, Woody Marshall