Brazil-based digital bank operator Nubank has secured $750m in an extension led by conglomerate Berkshire Hathaway to increase its series G round to $1.15bn.
Absoluto Partners, Advent’s Sunley House Capital, Canada Pension Plan Investment Board, MSA Capital, Sands Capital and Verde Asset Management also took part in the extension, according to Reuters, and it valued the company at $30bn.
The round’s $400m first close took place in January this year and featured internet group Tencent. It was co-led by Singaporean sovereign wealth fund GIC and investment advisers Whale Rock and Invesco at a $25bn valuation, investing alongside Dragoneer, Ribbit Capital and Sequoia Capital.
Founded in 2013, Nubank provides online bank accounts that come with a no-fee credit card and which are accessible through a mobile app. It initially catered to customers in its home country and has since expanded into other Latin American countries including Mexico, Colombia and Argentina.
The latest funding will be used to further increase Nubank’s presence internationally, release new offerings and hire additional employees.
The company has collected about $2bn in total. Tencent had already backed a $400m series F round in mid-2019 that was led by growth equity group TCV and backed by Dragoneer, DST Global, Ribbit Capital, Sequoia and Thrive Capital, valuing it in excess of $10bn post-money.
Nubank had received $90m a year earlier from Tencent, which bought another $90m of shares from existing investors in a secondary transaction.
Dragoneer, DST Global, Ribbit Capital and Thrive Capital were all identified as existing Nubank shareholders. Its earlier investors include Founders Fund, Kaszek Ventures, QED Investors, Redpoint Ventures, Sequoia, Tiger Global Management and Nicolas Berggruen.
