--The funding marks the largest investment round raised to date by Nubank 

--Since the last funding in 2018, the firm's customer base has more than 
doubled, reaching over 12 million people in Brazil 

--Nubank's product portfolio has evolved, now including personal loans, a 
digital account with debit function for consumers and SMEs in addition to 
existing credit cards and its Rewards program 

--The company started its international expansion this year, in Mexico and 
Argentina 

--Nubank continues to pursue and hire talent for its four offices worldwide 

Nubank, the leader in financial technology in Latin America, today announced it 
has raised $ 400 million in its Series F investment round. The round was led by 
TCV, one of the largest growth equity firms based in the U.S., and marks TCV's 
first significant investment in Latin America. Existing investors Tencent, DST 
Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also 
participated in the round. The transaction is subject to customary closing 
conditions.

With this new round, Nubank has raised $820 million in seven investment rounds.

Nubank, currently Brazil's sixth-largest financial institution by number of 
clients, started its international expansion in May of this year. The company 
has opened offices in Mexico and Argentina and is preparing to start operations 
and serve customers in both countries over the coming months.

The firm also expanded its product portfolio beyond its original app-controlled 
credit card and Rewards products, now including a personal loan product and 
digital savings accounts for consumers, as well as small and medium-sized 
businesses and microentrepreneurs.

"We remain firm in our mission to fight complexity and give back to people the 
control of their finances. 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," says David Vélez, founder and CEO of Nubank.

"We are proud of our shareholders and their continued support of our business. 
Since our early days, we have had the privilege of drawing from the experience 
of some of the most successful technology investors in the world, and this 
round led by TCV further strengthens our capital base", continues Vélez. "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." 

"TCV has a long history of backing founder-run businesses that leverage 
technology to provide magical experiences to consumers," says Woody Marshall, 
General Partner at TCV. "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. We look 
forward to supporting their expansion into new markets and providing additional 
services to their consumers." 

New products and internationalization

Nubank started offering debit and cash withdrawal functions to its digital 
savings account ("NuConta") customers in late 2018, consolidating its digital 
account as a complete alternative to meet the basic financial needs of all 
Brazilians. Today, more than 8 million Brazilians are already customers of 
NuConta.

After completing the process to obtain its license as a financial institution, 
the company launched in early 2019 a personal loan product, which is now 
available to over 500,000 customers. Nubank reached 100% of the 5,570 Brazilian 
municipalities within 5 years of activity, a milestone in a country where only 
60% of cities have bank branches.

In the second quarter of this year, the company also began its international 
expansion, announcing operations in Mexico and, less than two months later, in 
Argentina. The two countries will receive technology and innovation hubs to 
develop solutions focused on local financial problems.

In six years of existence, Nubank reached the mark of more than 12 million 
customers, becoming Brazil's sixth-largest financial institution in number of 
customers, and the largest digital bank in the world. Recently, the company 
entered the corporate market with the announcement of a new digital account for 
SMEs, a market with more than 20 million companies in Brazil.

Search for talent

Nubank today has more than 1,700 employees in Brazil, Germany, Argentina, and 
Mexico. The company expects to significantly grow its employee base over the 
next few years. 

"We are always looking for the best talent in the world. We build strong and 
diverse teams with professionals from different cultures to jointly challenge 
the status quo and reduce complexity. We are a technology company by nature 
and, therefore, we want the best software engineers as part of our global 
team," says Vélez.

Media contacts: 

Nubank
Rodrigo Barbosa
rodrigo.barbosa@nubank.com.br
press@nubank.com.br 
+55 11 984 603 476

TCV
Katja Gagen
kgagen@tcv.com
+1 415 690 6689

SOURCE: Nubank