Brazilian digital banking behemoth Nubank has secured a $650 million credit line to turbocharge its growth in Mexico and Colombia.
Nubank secured the three-year credit line in local currency from Morgan Stanley, Citi, Goldman Sachs and HSBC, all of which were underwriters of the Brazilian outfit's December IPO which raised $2.8 billion.
Founded in 2013, Nubank moved into Mexico in 2019 and Colombia in 2020. The firm is now doubling down on the two outside markets, using the credit line to invest in three key areas: technology development and product innovation, customer base growth, and attracting the best talent in the region.
Having issued the first credit cards in Mexico in 2020, at the end of 2021 the company already had 1.4 million customers, becoming one of the largest issuers in the country.
In Colombia, by the end of 2021 - 11 months since the first card was delivered - Nu had 114,000 customers. The firm is also building an engineering, product and data science centre in the country.
David Vélez, CEO, Nubank, says: "We are doubling down our commitment in Mexico and Colombia to continue growing and generating positive local impact through the financial inclusion of millions of Latin Americans."