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Report: Tencent could invest $200M in Brazilian banking app

Published 10/08/2018, 10:55 AM
© Reuters.  Report: Tencent could invest $200M in Brazilian banking app
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  • Tencent (OTCPK:TCTZF, OTCPK:TCEHY) will invest about $200M in Brazil’s Nubank at a valuation of around $4B, according to The Information sources. Total fundraising currently stands at nearly $528M.
  • Nubank offers a virtual credit card and digital banking managed through a mobile app. The no-fee products are attractive in a local market attempting to recover from economic turmoil and recession.
  • The investment shows that China’s tech titans are looking for stronger ties to emerging markets like Latin America, Southeast Asia, and India.
  • Now read: A Tencent Crown Jewel To IPO In The U.S.


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