Nubank Secures Loan of up to $150 Million From IFC to Strengthen Its Operation and Expand Access to Financial Services in Colombia
Nubank, one of the largest digital financial services platforms in the world, will strengthen its presence in Colombia with a loan of up to $150 million from the International Finance Corporation (IFC). The three-year local currency loan will be used to boost the growth of Nubank's local operations and expand access to financial services in the country.
Lack of access to formal financial services is a major challenge to economic growth in Colombia. Digital transformation can provide new opportunities to improve financial inclusion and increase productivity across the country's population, especially among women and minority groups. The new loan will increase access to payment systems for Colombians, in addition to promoting greater competition in the industry in favor of consumers.