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Brazilian fintech startup Nubank raises $150M in new investment round

Brazilian financial technology startup Nubank raised $150 million in its sixth investment round bringing the total amount it has raised to $330 million since it was founded in 2013, Folha de S.Paulo reported.

Nubank has offered credit cards as its main focus and only received Brazil's President Michel Temer's authorization to operate as a local financial entity in January. The authorization will allow the startup to create more products without becoming a bank.

Brazil's fintech market is gradually expanding. In February, the country's National Monetary Council issued a resolution allowing non-bank financial entities such as PayPal and NuBank to offer wage deposit accounts.