Having recently become the 4th largest bank in Brazil, neobank Nubank has secured a significant boost to expand its Colombian operations.
To actualize its plans, the bank has secured an additional $100 million+ loan from the International Finance Corporation (IFC) to reach a total of $265 million, exceeding the initial commitment of $150 million.
Known for its credit cards, seamless transfers, and digital payment services, the fintech has made its way up the ranks in Brazil’s financial landscape with up to 80 million customers, cementing its position as a major player in the Brazilian banking sector.
Now, this new capital injection will allow it to bring this blueprint to enhance access to financial services in Colombia, fostering operational growth and advancing financial inclusion throughout the country.
It also aligns with Nubank’s strategy of becoming Colombia’s leading digital financial services company and promoting access to 100% digital financial services that are more efficient, inclusive, and easy to use.
And Nubank is wasting no time in pursuing this ambition. In the last ten months alone, the bank has distributed over 400,000 cards in Colombia, firmly establishing itself as the nation’s quickest-growing credit card issuer. Moreover, within just two years of operation, Nubank has attracted over 700,000 customers, effectively extending its reach to nearly 80% of municipalities in Colombia.
Notably, this additional funding, exceeding $100 million, has surpassed expectations and marks a groundbreaking achievement. It signifies a significant move by the IFC, as it’s the first time the organization has invested in a digital bank in Latin America and the Caribbean.