(Bloomberg) -- SoftBank Group Corp. is in preliminary talks to purchase a stake in Brazilian fintech firm Nubank, which counts Goldman Sachs Group Inc. and Sequoia Capital Ltd. among its backers.
The talks involve other potential investors and still don’t have a specific figure, according to the people familiar with the negotiations, who asked not to be named as the discussions aren’t public.
A SoftBank representative declined to comment, while a Nubank official said the startup is always assessing opportunities for new funding. Recode first reported Softbank’s interest in Nubank.
Read more on Nubank’s expansion plans
Nubank, short for Nu Pagamentos SA, has reached 8.5 million consumers and sold private shares with a $3.6 billion valuation. At its current growth rate, the company will soon become the fourth-biggest card issuer in Latin America’s largest economy. Nubank is also starting to expand abroad with a Mexican unit.
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