Nubank makes mystery about $ 300 million contribution | Business

O Nubank is making a mystery about an investment round held in June 2020: it was not officially announced, it was only published in a document sent to the SEC, the U.S. Securities and Exchange Commission. Fintech raised $ 300 million, or about R $ 1.6 billion. She had a loss of R $ 95 million in the first half of this year.

Nubank

The SEC document was issued by Nu Holdings, based in the Cayman Islands. He says that five investors participated in this round, without specifying which ones. Only the names of David VĂ©lez, founder and CEO of Nubank are mentioned; Doug Leone of Sequoia Capital; Nicolas Szekasy, from Kaszek Ventures; and Meyer Malka, from Ribbit Capital.

According to CB Insights, this was the third largest investment round among all the fintechs in the world during the second quarter. Nubank shares the podium with US-based companies like Stripe and Robinhood.

Nubank has been valued at over $ 10 billion

Nubank refuses to comment on the contribution. Last year, the company raised $ 400 million and posted the landmark on its official blog; according to Bloomberg, it was worth more than $ 10 billion at the time.

Since 2014, Nubank has made eleven investment rounds that have earned fintech $ 1.4 billion, according to the Crunchbase. She never made a profit, and depends in part on that money to invest in expanding the business. The company receives a percentage of each expense made on the card without an annual fee, in addition to charging late interest.

In the first half of 2020, Nubank registered a 104% increase in financial intermediation revenue, which reached R $ 2.079 billion. Meanwhile, the loss fell 32% compared to the same period last year, reaching R $ 95 million. The financial director Marcelo Kopel states that “the loss is a decision and therefore expected as part of the growth strategy”.

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