Brazilian fintech venture Nubank has raised as much as $300m in equity investments, Reuters reported citing a document filed with the US Securities and Exchange Commission (SEC).

Five new investors participated in the funding round, according to the document.

However, the startup did not reveal the names of the investors.

The existing investors of the fintech firm include TCV, Tencent Holdings, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, Kaszek, and Thrive Capital.

The document was reportedly filed in June 2020, however, the news was recently reported by a Brazilian financial blog, Reuters said.

Nubank did not confirm the details of whether the fresh equity capital is part of a new funding round. However, sources described it as a “venture round”.

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The fintech firm offers fee-free credit cards to its users in Brazil. As of June, it had onboarded 26 million clients.

Nubank is the second biggest credit card issuer in the country, after Itau Unibanco Holding, the Reuters report added citing a note by UBS analysts.

Recently, Nubank reported BRL95m in its first-half losses, down from a loss of BRL140m last year as the company onboarded six million new clients last year.

Additionally, in the first half, Nubank’s credit card transactions also surged 54%, while big banks like Itau, Banco Bradesco and Santander were impacted by the Covid-19 pandemic.