Nubank Says Loan From International Finance Corporation Tops $265 Million
Summary
Nubank (NYSE:NU) says it has received a significant increase in the A/B loan provided by the International Finance Corporation (IFC) part of the World Bank. Today, the amount has jumped to $265.1 million which should help fuel the growth of Nubank in Colombia.The money was sourced from various large institutions and will be used to expand access to financial services.Marcela Torres, General Manager of Nu Colombia, said the increase in the IFC loan is a reflection of Nubanks leadership in Colombia.With more than 300 thousand cards issued in the last 10 months, we are driving positive change across the country, increasing access to financial services. We are the first ever credit card for 30% of our customers, and we have already reached 100% of Colombias departments. We are certain that our impact will continue to grow over the years to come, said Torres.Nubank noted that IFC has invested in both debt and equity in other financial services in Latin America and the Caribbean, but this is the first in a digital bank in the region.Elizabeth Mart\xednez de Marcano, IFC Director for Colombia, Mexico, Central America and the Caribbean, said the lack of access to financial services and the desire to boost inclusion is why the IFC increased the loan. The bank reports that nearly 1 in every ten adults in Colombia has applied to become a Nu customer.