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Forget the European FinTechs like Revolut, N26, Monzo, or Starling Bank. Brazil’s Nuban beats them all. The Brazilian superstar Nuban announced that it had raised a $400M, putting their total funding to $1.2B. The company received an astonishing $25 billion valuation (up from $10 billion in 2019). They have an impressive track record and managed to acquire 34 million users’ customer base since its launch in 2013.
“We’ve gone from 12 million customers in 2019 to 34 million solely based on word of mouth,” said Nuban co-founder and CEO David Velez. By September last year, the company was onboarding 41,000 new customers per day. Nubank claims to have zero customer acquisition cost.
With its $25B valuation, Nubank is the fourth most valuable financial institution in Latin America and the largest digital bank in the world by the number of customers and app downloads.
Source: TechCrunch
