For the purpose of boosting its presence in Colombia, Nubank has been given a loan in the amount of $150 million by the International Finance Corporation (IFC).
The financing, which marks the IFC’s first investment in a digital bank in Latin America and the Caribbean, will be used to promote Nubank’s local operations’ growth and increase the availability of financial services in the nation.
Nu Colombia, a division of Nubank, is the country’s fastest-growing credit card issuer, with more than 400,000 cards issued in the past 10 months. Its customers span all departments and about 80% of localities.
One of the biggest obstacles to Colombia’s economy’s expansion is the lack of access to professional financial services. With this new loan, Nubank hopes to improve Colombians’ access to payment systems and spur more consumer-friendly competition in the market.
The loan is in line with Nubank’s aim to establish itself as the top provider of digital financial services in Colombia and to encourage the adoption of 100 percent digital financial services that are more effective, accessible, and simple to use.