Nubank's mega funding round makes it the most valuable neobank globally at a more than $10 billion valuation This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. To receive the full story plus other insights each morning, click here. US investment firm TCV led the mega Series F round in the neobank, with participation from existing investors including Tencent, DST Global, and Sequoia Capital, per Reuters. The round, Nubank's seventh raise, more than doubles the startup's previous valuation of $4 billion , secured in October 2018. In total, Nubank has now raised $820 million in funding. Notably, the startup had been expected to raise as much as $1 billion from Japanese investment behemoth SoftBank, but those talks broke down, according to The Wall Street Journal citing people familiar with the matter. Here's what it means: Nubank's latest big-ticket round demonstrates its rapid ascent in its home market and provides it with an opportunity to expand into the rest of Latin America. Such has been the startup's growth that it's now Brazil's sixth-biggest financial institution (FI) by customers.