Nubank, the Brazilian digital bank, has announced that it has received a significant increase in the A/B loan provided by the International Finance Corporation (IFC), part of the World Bank. The IFC had initially committed $150 million to Nubank, but this amount has now jumped to $265.1 million. The funds will be used to fuel Nubank’s growth in Colombia and expand access to financial services in the country.
Marcela Torres, General Manager of Nu Colombia, commented on the increased loan, stating that it reflects Nubank’s leadership in Colombia. She highlighted the positive impact that Nubank has had on increasing access to financial services, with over 300,000 cards issued in the last 10 months. Torres also mentioned that Nubank is the first credit card for 30% of its customers and has already reached all of Colombia’s departments. She expressed certainty that Nubank’s impact will continue to grow in the coming years.
Nubank emphasized that this is the first time the IFC has invested in a digital bank in Latin America and the Caribbean. David Vélez, CEO and founder of Nubank, stated that the loan reflects the confidence that institutions in the region have in Nubank’s business model and growth potential. Elizabeth Martínez de Marcano, IFC Director for Colombia, Mexico, Central America, and the Caribbean, explained that the lack of access to financial services and the desire to boost inclusion were the main reasons behind the increased loan. She believes that more Colombians will now have access to better financial services.
In just two years of operation, Nubank has already gained over 700,000 customers and serves customers in more than 80% of municipalities in Colombia. The bank reports that nearly one in every ten adults in the country has applied to become a Nubank customer.
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