Brazilian digital bank Nubank has announced its first participation in a funding round as an investor. The chosen one was another fintech: the Indian Jupiter. The $44 million investment was made by Nubank in partnership with Sequoia Capital, Matrix Partners and Global Founders Capital.
According to Nubank, the decision to invest in Jupiter, besides the alignment between the two companies, focused on the user experience without bureaucracy, has to do with the expertise of the Indian fintech, since the markets of India and Brazil have many similarities, such as a concentrated and highly regulated banking system, with high fees and low-quality service, and a good portion of the population to be digitally included.
This is Nubank‘s first investment in another company. So far, the company had only made acquisitions, such as the recently announced purchase of the American company Juntos Global, which specializes in creating automated and personalized conversations between banks and their customers.
Also, in 2020, the digital bank bought the investment platform Easynvest; Cognitec, a software engineering company, and Plataformatec, a consulting firm specializing in product development and management.
Jupiter, which has offices in Mumbai and Bangalore and is valued at more than $300 million, launched a beta application for guests just over a month ago.