October 11, 2019 / 4:01 PM / a month ago

Brazilian fintech Nubank has grown to 15 mln users -CEO

SAO PAULO, Oct 11 (Reuters) - Brazilian financial technology start-up Nubank now has 15 million clients, the firm’s chief executive said on Friday, a figure which underlines the rapid growth of the Sequoia Capital-backed venture in Latin America’s largest economy.

Nubank founder and CEO David Velez disclosed the figure, which marks a 25% increase from the total it revealed in August, at the Brazil Investment Forum in Sao Paulo.

Nubank, which also operates in Argentina and Mexico, has become a household name in parts of Brazil through its bright green, free-of-charge credit card. The company, whose investors also include China’s Tencent Holdings Ltd, offers digital savings accounts and personal loans.

In late July, the firm raised $400 million in a funding round led by U.S. investment firm TCV. The Wall Street Journal reported at the time that the company, which was founded in 2013, was valued at more than $10 billion.

Reporting by Aluísio Alves; Writing by Gram Slattery; Editing by Richard Chang

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