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Fintech darling Nubank raises blockbuster $400M Series G at $25B valuation

While the pandemic has left some startups strapped for cash, the aptly-named Brazilian neobank Nubank is swimming in it. This morning, the company announced that it has raised a $400 million Series G round, putting their total funding to date at $1.2 billion. But even more remarkable, in addition to their new $25 billion valuation (up from $10 billion in 2019), is their customer base of 34 million users, which they’ve built up since the fintech’s launch in 2013.
“We’ve gone from 12 million customers in 2019 to 34 million solely based on word of mouth,” said David Velez, the company’s co-founder and CEO. By September last year, the company was onboarding 41,000 new customers per day. NuBank prides itself on having a $0 customer acquisition cost. Velez said the startup spends what would be marketing money on “great salaries” and superior customer service, which in turn creates “fanatic” customers who share their love for the brand with others.
The new valuation places NuBank as 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. 
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