São Paulo-based Fintech company, Nubank, has been rated the world’s largest digital bank by the number of customers and app downloads.
The rating comes after the Brazilian Fintech player raised a $400M Series G that shoots the company’s valuation to $25 billion, up from $10 billion in 2019.
Besides becoming the world’s largest digital bank, the valuation also makes Nubank the fourth most valuable financial institution in Latin America.
According to press, Nubank, which started out as a credit card company, has grown to become a full-service bank.
Led by both private and public investors including current investors as Singapore’s GIC, Whale Rock, and Invesco; the round saw the participation of other current investors as Tencent, Dragoneer, Ribbit Capital, and Sequoia.
The $400 million Series G round go forward to sum Nubank’s total funding at $1.2 billion.
Commenting on the company’s traction, David Velez, co-founder and CEO, disclosed that the company recorded over 20 million customer acquisition between 2019 to the present (2021).
He said: “We’ve gone from 12 million customers in 2019 to 34 million solely based on word of mouth.”
Leading the pack, Nubank reaches the unbanked population in Brazil, especially those identified by analysts as not being in the financial position to get a credit card.