Fintech decacorn Nubank raises $400m led by TCV

Another day, another mega round for a fintech startup. And this one is mega mega.

Brazil-based Nubank, which offers a suite of banking and financial services for Brazilian consumers, announced today that it has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV, the growth-stage fund best known for its investment in Netflix but which also made fintech a priority, with over $1.5 billion in investments in the space. According to Nubank, the company has now raised $820 million across seven venture rounds.

Katie Roof of the Wall Street Journal reported this morning that the company secured a valuation above $10 billion, potentially making it one of a short list of startup decacorns. That’s up from a $4 billion valuation we wrote about back in October 2018.

Part of the reason for that big ticket round is the company’s growth. Nubank said in a statement that it has now reached 12 million customers for its various products, making it the sixth-largest financial institution by customer count within its home market. Brazil has a population of roughly 210 million people — indicating that there is still a lot of potential local growth even

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