Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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Nubank raises $2.6B, starts trading as NU
São Paulo, Brazil-headquartered Nubank made its debut on the NYSE today at a price of $9 per share, raising $2.6 billion. The IPO valued the Latin American credit card issuer and banking platform at $41.5 billion.
As of the first day of trading shares for Nubank opened 25 percent higher than its offer price, valuing the company closer to $52 billion.
Investors with the largest stakes in the company at its IPO include Sequoia Capital, whose stake is worth just over $7 billion, DST Global, Tiger Global and Tencent. Nubank was last valued at $30 billion in a funding led by Berkshire Hathaway in June 2021.
The company claims it has provided a first credit card or bank account to 5.1 million of its 48.1 million customers across three LatAm markets: Brazil, Mexico and Colombia.
Mobile banking platforms that are still private include London-based Revolut, San Francisco-based Chime and Berlin-based N26.
— Gené Teare
Mambu raises $266M for banking SaaS
Berlin-based Mambu, a software-as-a-service provider for the banking industry, announced it raised 235 million euros ($266 million) in a Series E funding round led by EQT Growth.
The funding sets a valuation of around $5.5 billion for the 10-year-old company. It follows a sharp growth spurt, with Mambu attesting it delivered year-on-year growth of more than 120 percent in the third quarter of 2021.
The company currently employs more than 800 people and serves an international customer base which is active across 65 countries.
— Joanna Glasner
Hashicorp prices IPO above range
San Francisco-based Hashicorp, a provider of cloud infrastructure automation software, priced shares for its initial public offering at $80 each, above the projected range of $68 to $72. The offering raised $1.2 billion for the 9-year-old company, which will list on Nasdaq under the ticker symbol HCP.
— Joanna Glasner
Tradeshift lands $200M raise
San Francisco-based supply chain finance platform Tradeshift closed a $200 million round of funding and debt from existing and new investors, including Koch Industries, IDC Ventures, LUN Partners, Private Shares and Fuel Capital. The company’s open-network model helps buyers and suppliers find, connect and transact with one another.
Founded in 2009, the company has raised more than $1 billion, according to Crunchbase data.
— Chris Metinko
Funding rounds
Pleo picks up $200M: Copenhagen-based Pleo, a provider of company payment cards and automated expense reporting for employees, raised $200 million in a Series C extension. Coatue led the financing, which sets a $4.7 billion valuation for the 6-year-old company.
— Joanna Glasner
Illustration: Dom Guzman
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