Nu Colombia, Nubank’s subsidiary in Colombia, has secured a $150M loan from the U.S. International Development Finance Corporation (DFC). The funding comes six months after a $265M loan from the IFC.
Nubank will use the funds to expand its portfolio of products and services, promoting access to digital financial services and empowering underserved communities in Colombia.
“We are very proud that an institution like DFC has trusted us to continue generating a positive impact in the country. This loan reflects the confidence of globally relevant institutions in our business model, the strength of our operation and our team, and the progress we have made in terms of financial access in a country like Colombia where there is still low penetration and 78% of people continue to use cash as their primary means of payment,” said Marcela Torres, General Manager of Nu Colombia.
Nubank received formal approval to operate as a Financing Company in Colombia and launched a savings account called Cuenta Nu in January 2024.
“We are building the strongest institution in Latin America and transforming the lives of millions of people in the countries where we operate. This loan will enable us to further invest in our operations in Colombia to keep accelerating Nu’s business model while we foster the development in the country,” said Cristina Junqueira, Co-Founder and Chief Growth Officer of Nubank.
Founded in Brazil in 2013, Nubank expanded to Colombia in 2020, and has since reached over 800,000 customers in 100% of the country’s departments and 92% of its municipalities.
Read more on Latamfintech Hub and Nubank’s newsroom