Sao Paolo based challenger bank Nubank raised a $150m growth equity round led by DST Global. The São Paulo-based startup secured the required regulatory approval to become a bank in January. The company wants to tap the 60 million Brazilians who do not have a bank account.Last October, Nubank announced its plans to offer digital accounts to enable users to make transfers, pay bills and earn more interest than average savings account.
Nubank, a Brazil-based financial startup, has raised $150m in a new financing round as part of a strategy to boost growth. The latest financing round was led by venture capital firm DST Global Investment Partners, along with other current investors including Founders Fund, Redpoint Ventures, Ribbit Capital LP and QED. Additionally, two new firms also joined in the Nubank’s sixth financing round -Dragoneer Investment Group and Thrive Capital Partners. Since its inception in 2013, Nubank has raised approximately $330m. Nubank founder David Vélez said the startup will invest the proceeds to chart its growth.