Nubank co-founder/VP of Branding and Business Development Cristina Junqueira Nubank

Brazilian fintech company Nubank is now valued at $4 billion after a $180 million investment from Chinese internet giant Tencent which marks a double from its most previous $2 billion valuation in the space of just 5 months.

$90 million of this new investment is geared for the company’s operations while the other $90 million goes towards purchasing of shares from current shareholders in the company. As per Tencent president Martin Lau, This investment is aimed at helping Nubank to “build a full-service personal finance platform.”

Nubank co-founder/CEO David Vélez Nubank

Nubank has already issued 5 million credit cards so far and has signed up 2.5 million users for for its digital payments accounts with a major part of these users being millennials. As per the company, 8 million users have requested for cards with 500 thousand on current waiting lists.

Prior to this round, Nubank has already garnered over $330 million in equity financing with notable investors including Founders Fund, Thrive Capital, DST Global and Redpoint. A new investment from Tencent will surely count well strategically for Nubank as they can leverage on Tencent’s resources and expertise in the fintech market of which it dominates in the Chinese region with its WeBank service.

Earlier this year, Nubank got clearance from the Brazilian central bank to begin offering loans to consumers which signals of its efforts to expand into other financial services beyond digital accounts and credit card issues.

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