Nubank has eyes set on Coiombia with new capital

Nubank has announced fresh expansion plans, after securing an additional $100 million+ loan from the International Finance Corporation (IFC), marking a significant development for the neobank and its operations in Colombia.

The neobank has become the 4th largest bank in Brazil, with a customer base of up to 80 million. The fintech is known for its credit cards, seamless transfers, and digital payment services, making it a major player in Brazil’s financial landscape.

Nubank aims to replicate its success in Brazil by expanding its operations in Colombia. The additional loan from the IFC, totalling $265 million, exceeds the initial commitment of $150 million. This funding will support Nubank’s growth and financial inclusion efforts in Colombia.

The core of its strategy in Colombia is to become the leading digital financial services company. The goal is to provide 100% digital financial services that are efficient, inclusive, and user-friendly.

Nubank has made significant strides in Colombia within a short period. It has distributed over 400,000 cards and attracted over 700,000 customers in just two years of operation. This quick growth positions Nubank as the fastest-growing credit card issuer in the country.

The IFC’s investment of more than $100 million in Nubank is a groundbreaking move. It is the first time the IFC has invested in a digital bank in Latin America and the Caribbean, underscoring the significance of Nubank’s expansion plans.

Overall, Nubank’s success in Brazil and its rapid growth in Colombia, coupled with the support from the IFC, signify its commitment to becoming a leading digital financial services provider in the region and advancing financial inclusion.