Brazilian financial startup in mobile banking sector Nubank has raised USD 400m in a new financing round.

According to Rusbase (in Russian) business portal, the participants of the round involved DST Global investment fund of Yuri Milner (former co-owner and President of the Board of Directions at Mail.Ru Group-Banks.am).

The leader of the round is TCV investment company, which has invested earlier in Netflix, Spotify и Airbnb. Tencent Holdings, Sequoia Capital, Dragoneer, Ribbit Capital и Thrive Capital also participated in the round.

The Wall Street Journal reported that Nubank was valued at more than USD 10bn in this new financing round.

Since its foundation in 2013, Nubank has raised USD 820m from investors. In 2016 Yuri Milner’s fund participated in USD 80m round and became the lead investor of USD 150m round in 2018.

Nubank issues virtual cards and provides banking services through the app. The startup issues cards free of charge and makes revenue on fees for transaction, currency exchange and other services.

The bank has 12m clients and operates in countries of Latin America – Brazil, Mexico and Argentina.

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