– The DFC approved 22 new financing projects in Q2 2024, totaling over $697 million, with Nu Colombia receiving 21.52% of the total funds.
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Nu Colombia, a subsidiary of Nu, which also operates in Brazil and Mexico, has 800,000 customers in the country with its credit card and launched a savings account in January. The $150 million loan from the DFC reflects the confidence of globally relevant institutions in Nu’s business model, the strength of its operations and team, and the progress it has made in terms of financial access in Colombia, where credit penetration remains low and around 78% of people continue to use cash as their primary means of payment.
Marcela Torres, General Manager of Nu Colombia, commented on the significance of the loan, stating, “This loan reflects the confidence of globally relevant institutions in our business model, the strength of our operation and team, and the progress we have made in terms of financial access in a country like Colombia, where credit penetration is still low and where around 78% of people continue to use cash as their primary means of payment.”
In 2023, Nu Colombia received $265.1 million from the International Finance Corporation (IFC), a World Bank entity. The company also plans to invest over 2 trillion pesos in the next two years, reinforcing the 1.3 trillion pesos in capital investments that Nu has made in Colombia since 2021.
Cristina Junqueira, Co-founder and Chief Growth Officer (CGO) of Nu, emphasized the company’s mission, stating, “We are building the strongest institution in Latin America and transforming the lives of millions of people in the countries where we operate. That’s why this loan will allow us to continue investing in our operation in Colombia to accelerate Nu’s business model and foster the country’s development.”