Nubank Colombia Secures $150 Million from DFC to Enhance Credit Access and Digital Banking

Nu Colombia, a subsidiary of Nu operating in Brazil and Mexico, has established a significant presence in Colombia, boasting a customer base of 800,000 primarily through its credit card offerings. In a strategic move to enhance its foothold in the Colombian market, Nu Colombia launched a savings account in January.

This expansion into savings accounts represents a key step for Nu Colombia in diversifying its product offerings and catering to the evolving financial needs of its customers in Colombia. By introducing this new financial product, Nu Colombia aims to deepen its relationship with existing customers while attracting new ones, further solidifying its position as a leading financial services provider in the region.

The recent acquisition of a $150 million loan from the DFC serves as a powerful testament to the confidence that globally significant institutions have in Nu’s business model. Beyond this vote of confidence, it also shines a spotlight on the strength of Nu’s operations and the caliber of its team. Furthermore, the loan underscores the remarkable progress Nu has made in bolstering financial access in Colombia, a country where traditional banking services often fall short. With credit penetration still low and cash transactions prevailing, accounting for approximately 78% of total payments, Nu’s efforts to expand financial inclusion are pivotal in reshaping Colombia’s financial landscape for the better.

Marcela Torres, in her capacity as General Manager of Nu Colombia, reiterated the significance of the loan in reinforcing confidence in Nu’s trajectory. She emphasized the strides the company has taken in enhancing financial inclusivity in Colombia, where conventional banking services frequently face limitations. This loan serves as a testament to Nu’s commitment to bridging the gap in financial access and empowering individuals across the country.

The recent financial injection further propels Nu Colombia’s momentum, building upon the significant $265.1 million investment from the International Finance Corporation (IFC) in 2023. As part of its strategic vision, Nu plans to infuse over 2 trillion pesos into Colombia within the next two years. This substantial commitment underscores Nu’s dedication to fortifying its presence in the Colombian market and advancing its mission of financial empowerment. These efforts build upon the substantial capital investments totaling 1.3 trillion pesos that Nu has already allocated to Colombia since 2021, demonstrating the company’s steadfast commitment to driving positive change and fostering economic growth in the region.

Cristina Junqueira, Nu’s Co-founder and Chief Growth Officer (CGO), reiterated the company’s overarching mission to solidify its position as a formidable institution in Latin America, catalyzing transformative change in the lives of millions throughout the region. She underscored the pivotal role of the loan in powering Nu’s expansion endeavors in Colombia, emphasizing the company’s dedication to driving economic development and promoting financial inclusion in the country.

Junqueira’s comments underscore Nu’s steadfast commitment to leveraging its resources and expertise to generate a positive impact on communities and economies throughout Latin America. This commitment extends beyond mere business operations, reflecting Nu’s broader vision of contributing to the socioeconomic development of the region. By prioritizing social responsibility and sustainable growth, Nu demonstrates its dedication to fostering long-term prosperity and empowerment across Latin America.