Brazilian neobank Nubank raises $400M Series G at a $25B valuation, bringing its total raised to $1.2B
Marcella McCarthy / TechCrunch :
Context & Ripple Effects
Nubank's funding curve has been steep and consistent: an $80M Series D in 2016 at a sub-$1B valuation, Tencent's $180M check in 2018 at a reported $4B, then a $400M round led by TCV in 2019 that pushed it past $10B. This Series G at $25B more than doubles that mark in under two years.
The round also reads as a pre-IPO war chest: Nubank states it aims to enter the US market within 18 months, and the company is framed as Revolut's rival in the race to be the West's most valuable digital bank.
First-order effects
- Nubank's valuation jumps from just over $10B in its 2019 TCV-led round to $25B, with total funding reaching $1.2B — capital earmarked for a US market entry targeted within 18 months.
Second-order effects
- Institutional demand keeps escalating: five months later Berkshire Hathaway leads a $750M Series G extension at $30B, and by October Nubank files for a US IPO — the momentum this round set off ends with a NYSE debut closing up 14.78% at a $47.6B market cap.
Third-order effects
- If the pattern holds, Latin American neobanks stop being regional stories: Nubank's path from no-fee credit card app to NYSE listing establishes emerging-market digital banks as candidates for the title of the West's most valuable, directly contesting Revolut's lane.
The trend: Venture capital is repricing Latin American digital banking from venture bet to public-market asset class, with Nubank's round-by-round doubling culminating in a US listing.