RIO DE JANEIRO, BRAZIL – São Paulo-based Nubank’s market value now reaches US$25 billion. To have an idea of the digital bank’s growth, in June 2019 it was valued at US$10 billion.
As a result, Nubank has become the fourth largest financial institution in Latin America, in terms of market value, behind Itaú Unibanco (ITUB4), Bradesco (BBDC4) and Santander Brasil (SANB11).
This account was reported by Eduardo Rosman and Thomas Peredo of BTG Pactual (BPAC11) based on a new capital contribution of US$400 million, announced by the press on Thursday morning, January 28th.
The analysts highlighted the bank’s strong growth rate. For instance, in September, the institution attracted 41,000 new clients per day. Currently, its base is made up of 34 million people, compared to 12 million at the end of last year.
BTG adds that the new capital injection – the eighth performed by investors – draws the fintech closer to its IPO. “We believe this new round is another step to prepare Nubank for the IPO process, as it is clearly adding new products, while enhancing its ecosystem and monetizing customers,” the analysts say.