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SAO PAULO Nubank, Latin America’s most prominent financial startup, has raised $400 million in its seventh funding round, valuing it among the region’s top five financial institutions, its CEO and founder David Velez said in an interview.
That would place Nubank behind mammoth Itau Unibanco Holding SA, Banco Bradesco SA, Banco Santander Brasil SA and XP Inc, according to Wednesday’s market capitalizations.
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The latest funding round valued Nubank at roughly $25 billion, according to a source familiar with the matter, more than doubling its valuation since the last funding round in July 2019. Nubank declined to comment on the valuation.
Former XP Partner Embraces âQuantamentalâ in New Brazil Fund
Jan 16 2021, 3:37 AM
January 15 2021, 5:32 PM
January 16 2021, 3:37 AM
(Bloomberg) Joao Braga helped steer one of the top Brazilian hedge funds in the past few years. At his new firm, Encore Asset Management, heâs hoping to pull it off again.
(Bloomberg) Joao Braga helped steer one of the top Brazilian hedge funds in the past few years. At his new firm, Encore Asset Management, heâs hoping to pull it off again.
Only this time around, Braga, who succeeded in picking companies through old-school research, has embraced âquantamentalâ investing, a merger of computer and human-based decision making, he said in an interview. Encore hired quant analysts to develop machine-learning algorithms âto give our team an edge,â according to Braga.
Revealed: the 10 best-performing cross-border funds of 2020 citywireselector.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywireselector.com Daily Mail and Mail on Sunday newspapers.
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FILE PHOTO: A man walks past an Itau Unibanco logo in Rio de Janeiro, Brazil September 6, 2017. REUTERS/Pilar Olivares
SAO PAULO (Reuters) - Brazil’s biggest lender Itau Unibanco Holding SA on Friday said it was creating a unit focused on electronics payments whose head would be part of a reconfigured executive committee aimed at making the bank a more agile under a new CEO.
Current technology and operations vice-president Andre Sapoznik will head a newly launched unit focused on payments, which will include credit cards, the acquiring business Rede, the retail digital payments unit and cash management, according to an internal document reviewed by Reuters.
By Reuters Staff
1 Min Read
SAO PAULO (Reuters) - Itaú Unibanco Holding SA, Brazil’s largest lender by market value, has convened an extraordinary shareholder meeting on Jan. 31 to decide on spinning off its 40.5% stake in brokerage XP Inc, according to a Thursday filing.
Itaú said last month that the new company would be directly owned by the bank’s shareholders.
Itaú raised at least $956.4 million by selling a 4.4% stake in XP in a share offering on December 3.
Itaú’s decision to divest in XP comes after its plans to take control of the major fintech group in 2017 were blocked for antitrust reasons two years later.