Nubank, the Brazilian digital finance and payments company raised a new round. Innovating banking via the mobile should be a big success in high growth markets such as Brazil, Indonesia and Nigeria.
Brazil is one of the world’s fastest growing mobile markets, with 90 million smartphones in circulation among a population of about 200 million, and today a fin-tech company that has focused on catering to that growing group of users has raised a significant round of funding. Nubank, which has developed a platinum Master Card credit service that you apply for and manage using only your mobile phone, has picked up $30 million. Since launching its service in September last year, at the same time that the company also announced its $14.3 million Series A round, Nubank has picked up more than 200,000 applications from interested users, with 100,000 of them still on its wait list. Those using cards have made more than 750,000 purchases so far. (The company has now raised $46.3 million to date.)
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