Nubank, a Sao Paulo, Brazil-based fintech company, raised $80m in funding.
The round was led by Moscow-based vc firm DST Global with participation from Sequoia Capital, Tiger Global Management, Founders Fund, QED Investors and new backers Redpoint Ventures and Ribbit Capital.
The company intends to use the funds to expand the adoption of its services in the country.
Led by David Velez, Founder & CEO, Nubank aims bring “next generation” financial services to Brazil starting with a credit card with no fees, which has already been used in over 170 countries.
The company, which charges a monthly interest rate on the card whose range depends on a customer’s credit history, has approx. 400 employees.