Brazilian bank’s local subsidiary is the fastest-growing credit card issuer in the country
01/18/2023
/i.s3.glbimg.com/v1/AUTH_37554604729d4b2f9f3eb9ad8a691345/internal_photos/bs/2022/u/a/5Rge8fRgK7vmB4CfBChA/080622nubank033.jpg)
David Vélez — Foto: Ana Paula Paiva/Valor
Nubank will strengthen its presence in Colombia with a loan of up to $150 million from the International Finance Corporation (IFC), a member of the World Bank Group. The local currency loan over a period of three years will be used to boost the growth of the local operation and expand access to financial services in the country.
With more than 400,000 cards issued in the last 10 months, Nu Colombia – a subsidiary of Nubank – is the fastest-growing credit card issuer in the country. “We are proud that an institution like IFC has trusted us to continue generating a positive impact in Latin America,” said David Vélez, CEO and founder of Nubank.
“Our loan to Nubank means more Colombians will have access to more and better financial services,” said IFC’s managing director Makhtar Diop. “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.”
Nubank has more than 70 million customers in Brazil, Mexico and Colombia.
*By Álvaro Campos — São Paulo
Source: Valor International