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Tencent contributes a portion of US$400 mln raised by Nubank

Brazilian financial technology company Nu Pagamentos SA (Nubank) announced last week it has raised US$400 million in funding.

Nubank announced in writing that Chinese technology company Tencent Holdings Ltd, already an investor in Nubank, contributed to the sum.

Nubank says the contributors were led by a group of renowned investors in private and public equity, and by investors that had already put money in.

The announcement quotes Nubank Chief Executive David Velez as saying his company, in expanding its business, is glad to receive the support of its investors, and to learn from their experience.

The US$400 million will help expand to a suitable degree the services Nubank recently started in Mexico and Colombia, the company quotes Mr Velez as saying.

In 2018 Tencent bought 5 percent of Nubank for US$180 million.