Brazilian fintech Nubank has raked in $400m in a series G funding round led by GIC, Whale Rock and Invesco, raising the fintech’s valuation to $25bn.

Existing investors such as Sequoia, Tencent, Dragoneer and Ribbit also joined the funding round. Till now, the total funding secured by Nubank is $1.2bn.

With this round of funding, Nubank is now claimed to be one of the five most valuable fintechs in Latin America.

Since its last investment round in July 2019, the number of users are said to have tripled in Brazil, from 12 million to 34 million. The fintech was valued at $10bn then. It also expanded its presence by acquiring PlataformaTec, Cognitect and Easynvest.

The latest round of funding will be used by Nubank to expand across Latin America by expanding presence in Mexico and Columbia.

It is estimated that about half of the Latin American population has no access to banking and traditional banks control over 70% of the market.

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By GlobalData

Founded by Adam Edward Wible, Cristina Junqueira and David Velez in São Paulo in 2013, Nubank started offering credit card that could not only be controlled by an app, but came with no annual fee. It has now grown into one of the largest neobanks in terms of the number of customers.

During the seven years of its operations, the fintech claims to have saved more than R$15bn in fees for its clients, of which 20% have never had a credit card before.

Presently, Nubank offers a series of financial products such as a digital account, debit card with points and loans. The bank is said to have spread across every municipality in the country, in addition to having engineering offices in Argentina, Germany and the US.