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China's Tencent invests USD 180 million in Brazil fintech Nubank

Wednesday 10 October 2018 | 09:45 AM CET

Chinese gaming and social media company Tencent has paid USD 180 million for an undisclosed minority stake in Brazilian financial technology company Nu Pagamentos.

Tencent is investing in Nubank through a USD 90 million capital increase. The Chinese giant is also paying USD 90 million to acquire partial stakes from current Nubank shareholders.

Nubank has issued 5 million credit cards and has signed up 2.5 million customers to digital payment accounts - which allow users to make transfers, pay bills and earn interest on deposits.

Tencent will also help the company develop further in areas such as payments, consumer loans, engineering and machine learning.

Nubank has raised USD 330 million since its foundation in 2013 in six financing rounds. In its last financing round, led by venture capital company DST Global Investment Partners, the Brazilian fintech raised USD 150 million.

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