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Nubank has received $750M in extension, in two rounds, in its Series G funding round. The total Series G funding for Nubank now stands at $1.5B, and its total money raised crosses $2B. The proceeds shall be used to revolutionize its financial services, hire talent, and also expansion
Fintech company Nubank has announced a $750 million extension to its Series G fundraising, the last round of which closed in January with a $400 million funding. In two press releases, Nubank has announced the extension of its Series G funding, which now has touched $1.5 billion.
The first extension of $500 million was raised from Berkshire Hathaway, and the second extension worth $250 million, was led by Sands Capital and witnessed participation from other Brazilian investors – Absoluto Partners, asset manager co-founded by José Zitelmann and Gustavo Hungria, and Verde Asset Management, the manager led by Luis Stuhlberger.
Nubank stated that this round was the biggest for a private technology company in Latin America. With this round, the total funding of Nubank stands at $2.3 billion, raised in 12 rounds, as per Crunchbase. With the new proceeds, Nubank aspires to further revolutionize financial services and democratize access to investments. It will also be directed towards the company’s international expansion and in hiring global talent.
Stating that Nubank has established a new paradigm in the market, forcing all players to review their processes and products, David Vélez, founder and CEO of Nubank, said,
It’s amazing to see everything we’ve been able to do in these eight years with the company. No one thought it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service.David Vélez, founder and CEO of Nubank
Barron Martin, a managing partner at Sands Capital Management, stated that Nubank is about shaping and reinventing financial services in Latin America and added,
We have long experience investing in some of the most successful technology, media, and telecommunications companies in the world. We are looking for companies that are not only challenging the status quo today but are also shaping the future.Barron Martin, a managing partner at Sands Capital Management