The new funds are a three-year credit line in Mexican and Colombian pesos, financed by Morgan Stanley, Citigroup, Goldman Sachs, and HSBC, institutions that were underwriters of Nubank’s initial public offering (IPO) in December 2021.
Nubank said the funding will go towards technology and product development, customer-base growth, and hiring.
While the majority of Nubank’s products are developed and designed in-house, the company has recently looked into partnerships.
Nubank offers credit cards in both Mexico and Colombia and operates under the name ‘Nu’. Its presence in Brazil, where it offers clients services including credit cards, savings accounts, investments, insurance and personal loans, offers an idea of where the firm is headed in Mexico and Colombia.
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