VC-backed Brazilian challenger bank Nubank gets new $300m investment

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Venture capital-backed Brazilian challenger bank Nubank has reportedly raised $300m in new funds, according to a filing with the US Securities and Exchange Commission.

TCV, Tencent Holdings, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, Kaszek and Thrive Capital have all previously committed capital to Nubank.

Five investors took part in the latest raise, Reuters reported, but none were named.

The news comes after NuBank announced the it now had 26 million customers in June.

Nubank is not the only Brazilian neobank to have raised huge rounds of late, with domestic rival Neon Pagamentos closing a $300m Series C round this week.

That round was led by growth equity firm General Atlantic, with commitments also coming from accounts managed by BlackRock, Vulcan Capital, PayPal Ventures, Endeavor Catalyst and existing shareholders Monashees and Flourish Ventures.

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