Chinese e-commerce giant Tencent Holdings Ltd has invested $180 million in Brazilian fintech company Nubank, adding South America to Tencent’s emerging markets investment spree.
With 2.5 million customers signed up to its digital payment accounts and issued 5 million credit cards, Tencent’s investment increased Nubank’s valuation to $4 billion, making it one of the most highly valued, privately held startups in South America.
Martin Lau, Tencent president, says: “We are delighted to participate in the growth opportunities in Brazil and Latin America more broadly through this strategic partnership with Nubank and to help the company build a full-service personal finance platform.”
