BankTech

Nubank secures $750 million round led by Berkshire Hathaway

Brazilian digital bank Nubank has secured a $750 million extension to its Series G round led by Berkshire Hathaway, which bought $500 million of the bank’s shares, TechCrunch reported.

The extended round, which builds off its $400 million investment secured in January, ramps up Nubank’s valuation to $30 billion. Nubank is the largest online bank in the world by its sheer customer base of 40 million, TechCrunch reported.

The company has raised about $2 billion since it was started up in 2013, the Wall Street Journal reported, and Berkshire’s investment is the largest single investment it has ever obtained.

Nubank isn’t looking to debut in the public markets right now, but it will eventually go public, David Vélez, chief executive of Nubank, told the Wall Street Journal in an interview.

The company launched its first product in 2014 with a no-free credit card managed by a mobile app. Fast forward to today and the fintech now offers products spanning from an online bank account, insurance and loans, its website shows. The company has raised dollars from investors in the past from the likes of TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, and others, according to its LinkedIn.

The company’s customer base is the unbanked or underbanked in Brazil which accounts for about 30% of the population, TechCrunch reported.

Megarounds continue to abound in 2021 for the fintech industry as the space seems to keep heating up as does the temperature outside.

Recently, we reported that Capchase, a New-York based non-dilutive capital provider that helps tech companies access capital without selling company shares, raised $125 million in a funding round led by QED Investors according to a press release. The company plans to use the funding, a mix of debt and equity, to improve its core products and continue its growth since launching eight months ago.

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