TOP 10

Based in : Brazil Company : Nubank Market cap : US $ 41.5bn

In 2013 , frustrated with the state of banking in Brazil , David Vélez decides to build an entirely new financial services startup . He raises US $ 2mn in seed money from Sequoia Capital and Kaszek Ventures , partnering with co-founders Cristina Junqueira and Edward Wible . Nubank is born . After less than a year in development , the company launches its first product – a no-fee credit card that consumers can manage through an app – before raising another US $ 15mn from the same investors .

With Vélez at the helm , Nubank goes from strength to strength . It raises around US $ 400mn between 2015 and 2018 , including an investment from Chinese technology company Tencent , and uses the money to roll out new products – a digital savings account , business accounts , insurance products and retail investment options . International expansion is accompanied by another US $ 400mn raise , this time in the guise of a Series G round , which gives the São Paulo-based business a valuation of over US $ 40bn . fintechmagazine . com 147