What is Nubank? Nubank Review

Company Introduction

Nubank was founded in Brazil in 2013. Headquartered in Sao Paulo, Brazil, it also has an engineering office in Berlin, Germany. With more than 1,000 top-performing engineers, decision scientists, designers and business analysts, Nubank is committed to creating an inclusive, international and challenging work environment.

Founder Introduction

Founder David Velez holds a bachelor's degree in management science and engineering from Stanford University and a master's degree in business administration from Stanford Graduate School of Business. David Velez has extensive career experience: from 2005 to 2007, he worked as an industry analyst at Morgan Stanley; from 2007 to 2010, he worked as a senior assistant at General Atlantic, during which time he founded the company's Latin American business; and then joined Sequoia Capital.

Service Introduction

On the mobile client, Nubank provides users with three major services: real-time consumption reminders and establishment of consumption category lists, remote control of credit cards, financial transaction taxes, exchange rates and installment payments, etc.

Nubank and MasterCard have launched a co-branded credit card. Users can redeem their consumption points on the MasterCard official website and enjoy related MasterCard promotions.

The paper credit card bills are cancelled and the credit card bills of customers are only sent via email. Customers can use their cards to consume and withdraw cash at international shopping malls. Of course, this will charge a part of the deposit and transaction fee.

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In 2015, the company lost 32.7 million Brazilian reals (about 8.81 million US dollars) and had operating income of 66.69 million Brazilian reals.

In 2016, the company's losses widened to 122 million Brazilian reais (about 39 million US dollars), and its operating income increased to 77.09 million Brazilian reais.

In October 2016, Nubank was jointly rated as one of the 50 leading global fintech companies by H2 Ventures and KPMG.

In 2017, the company had 4 million active customers.

Financing

In July 2013, it received $2 million in seed round financing from Sequoia Capital and Kaszek Ventures.

In 2014, when Nubank was still a small company, it received a US$14 million investment from Sequoia Capital.

On June 3, 2015, Sequoia Capital (Overseas), Tiger Global Management and QED Investors jointly invested US$30 million in Nubank.

In January 2016, Nubank completed a $52 million Series D financing round from Peter Thiel's Entrepreneurs Fund.

In December 2016, venture capital firm DST injected $80 million of investment funds into Nubank. The investment was led by DST Global, followed by Founders Fund, QED Investors, Redpoint, Ribbit Capital, Sequoia and Tiger.

In March 2017, Nubank received a US$150 million Series E funding round led by DST Gobal, becoming a unicorn.

In October 2018, Tencent invested approximately US$200 million in Brazilian fintech unicorn Nubank at a valuation of US$4 billion, acquiring a 5% stake.