Funds News

Brazil online card company Nubank gets $53 mln loans from Goldman Sachs

SAO PAULO, April 27 (Reuters) - Brazil’s online credit card provider Nubank secured about $53 million in credit lines from a unit of Goldman Sachs Group Inc, boosting the three-year-old company’s effort to expand a fast-growing client base.

According to a statement by the São Paulo-based company, Goldman Sachs Specialty Lending Group arranged the deal, which consists of one revolving credit facility for $25 million and another for 100 million reais ($28 million).

Nubank, one of the biggest names in Brazil’s nascent financial technology sector, had previously raised nearly $100 million in equity fundraising led by Sequoia Capital, Tiger Global, Founders Fund, Kaszek Ventures and QED Investors.

$1 = 3.52 Brazilian reais Reporting by Brad Haynes and Guillermo Parra-Bernal; Editing by David Gregorio