IFC grants $150m facility to Nubank

The International Finance Corporation (IFC) has given Nubank a $150 million loan to expand its presence in Colombia as part of its first investment in a digital bank in Latin America and the Caribbean.

The three-year local currency loan will be used to increase access to financial services in the nation and enhance Nubank’s local operations.

One of the biggest obstacles to Colombia’s economy’s expansion is the lack of access to professional financial services. The country’s population, particularly women and underrepresented groups, can benefit from improved financial inclusion and higher levels of productivity thanks to the digital transformation.

With the new loan, it will endeavour to enhance Colombians’ access to payment systems and foster more consumer-friendly industry competitiveness.

The loan is in line with Nubank’s goals of being Colombia’s top provider of digital financial services and advancing access to those services, which are more effective, inclusive, and simple to use.

With customers in all departments and about 80% of towns, Nu Colombia, a division of Nubank, is the nation’s fastest-growing credit card provider, having issued more than 400,000 cards in the previous 10 months.

David Vélez, the CEO and founder of Nubank, commented on this, saying, “We are very delighted that an institution like IFC has trusted us to continue generating a positive impact in Latin America.