Nubank obtains credit of US$ 650 million to expand

Nubank News

The digital bank seeks to accelerate its growth in Mexico and Colombia

The digital bank Nubank announced that it obtained a loan of 650 million dollars to expand in the markets of Mexico and Colombia, where the company operates under the name Nu.

The resources come from a three-year local currency line of credit financed by Morgan Stanley, Citi, Goldman Sachs and HSBC, institutions that were also underwriters in Nubank’s Initial Public Offering in December 2021, in which the The company raised about $2.8 billion.

“The rapid growth we have seen in Mexico and Colombia has exceeded our most ambitious expectations. This financing is a reflection of the confidence of major investors and shareholders in our business model and growth potential,” said David Vélez, CEO and founder of Nubank.

Founded in 2013 in Brazil, Nubank began its internationalization strategy three years ago with the launch of the operation in Mexico in 2019 and then in Colombia in 2020.

Currently it already has some 54 million clients at a regional level and the markets of Mexico and Colombia are highly strategic for the company.

“We redoubled our commitment in Mexico and Colombia to continue growing and generating a positive local impact through the financial inclusion of millions of Latin Americans,” said Vélez.

This financing will be invested in technological development and product innovation, the growth of the client base and the attraction of the best talent in the region.