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Nubank Colombia Receives $150M from DFC to Enhance Credit Access and Digital Banking

business . 

The approval of a loan by the U.S. International Development Finance Corporation (DFC) to support Nu Colombia's expansion of credit card operations and digital banking services marks a significant step in the financial development landscape of Colombia. This loan, part of 22 new financing projects approved by the DFC in the second quarter of 2024, underscores the growing importance of digital banking and financial inclusion initiatives in emerging markets.

Nu Colombia, a key player in Colombia's financial sector, is poised to benefit substantially from this loan, which will enable the company to expand its credit card operations and enhance its digital banking services. In a rapidly evolving financial landscape, characterized by increasing digitization and a growing demand for accessible financial services, Nu Colombia's expansion efforts align with the broader trend towards greater financial inclusion and technological innovation.The DFC's decision to allocate a significant portion of its financing to Nu Colombia reflects the organization's recognition of the company's potential to drive positive socioeconomic impact through its innovative approach to banking and financial services.

By providing financial support to Nu Colombia, the DFC aims to catalyze the company's growth trajectory, thereby contributing to Colombia's economic development and fostering greater financial inclusion across the country.The allocation of 21.52% of the total funds approved in Q2 2024 to Nu Colombia underscores the DFC's confidence in the company's ability to effectively leverage the loan to achieve its expansion objectives and deliver tangible benefits to its customers and stakeholders.This investment highlights the DFC's commitment to supporting private sector-led initiatives that promote economic growth, create jobs, and address key development challenges in emerging markets.

The approval of the loan to Nu Colombia by the DFC represents a positive development in Colombia's financial sector and underscores the importance of partnerships between international development finance institutions and private sector entities in driving sustainable economic growth and development.As Nu Colombia embarks on its expansion journey with the support of the DFC, it is poised to play a pivotal role in advancing financial inclusion and digital transformation in Colombia, ultimately contributing to the country's socioeconomic progress.Nu Colombia's receipt of a $150 million loan from the U.S. International Development Finance Corporation (DFC) represents a significant validation of the company's business model and its efforts to promote financial inclusion in Colombia.

As a subsidiary of Nu, which also operates in Brazil and Mexico, Nu Colombia has rapidly established itself as a key player in Colombia's financial sector, serving 800,000 customers with its credit card offerings and recently launching a savings account in January.The confidence demonstrated by globally relevant institutions, such as the DFC, in Nu's business model underscores the strength of its operations, team, and the progress it has made in expanding financial access in Colombia. In a country where credit penetration remains low and a significant portion of the population continues to rely on cash for their primary transactions, Nu Colombia's innovative approach to banking and digital finance has the potential to drive meaningful change and enhance financial inclusion.

Marcela Torres, General Manager of Nu Colombia, aptly highlighted the significance of the loan, emphasizing the confidence placed in the company by globally recognized institutions. This endorsement not only validates Nu Colombia's efforts but also provides the necessary financial support to further expand its operations and reach more underserved communities in Colombia. By leveraging the loan effectively, Nu Colombia aims to accelerate its mission of providing accessible and inclusive financial services to a wider segment of the population, ultimately contributing to Colombia's socioeconomic development and financial empowerment.

The significant investment Nu Colombia has received from the International Finance Corporation (IFC), totaling $265.1 million in 2023, highlights the growing recognition and support for the company's mission to promote financial inclusion and transform lives in Latin America. This substantial funding, coupled with Nu's plans to invest over 2 trillion pesos in the next two years, underscores the company's commitment to strengthening its presence and operations in Colombia.

Cristina Junqueira, Co-founder and Chief Growth Officer (CGO) of Nu, reaffirmed the company's mission to build a robust institution in Latin America and positively impact millions of lives across the region. The loan provided by the IFC will enable Nu to further invest in its Colombian operations, accelerating the implementation of its innovative business model and contributing to the country's overall development.Nu's dedication to fostering financial inclusion and driving socioeconomic progress aligns with its strategic investments in Colombia, which have already totaled 1.3 trillion pesos since 2021.By leveraging the latest loan and its existing capital investments, Nu aims to expand its reach, enhance its product offerings, and empower more individuals and businesses with accessible and inclusive financial services.

The continued support from reputable institutions like the IFC reflects confidence in Nu's vision and capabilities, positioning the company as a leader in the Latin American fintech landscape. Through strategic investments and a steadfast commitment to its mission, Nu is poised to make a meaningful impact on Colombia's financial ecosystem and contribute to the country's long-term prosperity and development.

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