Brazil-based Nubank, one of the world’s largest digital banks, announced a US$150 million loan from the International Finance Corporation (IFC) to boost the growth of its operations in Colombia and expand access to financial services in that market. Colombia, the home country of its CEO and founder David Vélez, is since 2020 the third country in LatAm where this fintech operates, which previously opened in Mexico (2019) and Brazil (2013).
With more than 400,000 cards issued in the last 10 months, Nu Colombia is the fastest-growing card issuer in the country, with customers in all regions and about 80 percent of municipalities, according to company data.
“Our loan to Nubank means that more Colombians will have access to more and better financial services,” said Makhtar Diop, CEO of IFC, in a press release. “Greater financial inclusion is a must for economic growth, and digital banking will play a key role in meeting the needs of underbanked and unbanked retail customers,” he added.
This is IFC’s first investment in a digital bank in Latin America and the Caribbean.
Nubank noted in its press release that it enters 2023 with a strong position in the region, having closed the third quarter of 2022 with more than 70 million customers.
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