Nubank completes all mandatory steps for the payment initiator status

Nubank can now perform the initiation of Pix payment transactions within the framework of Open Finance Brasil. The payment transaction initiator, established by the Central Bank in 2021 to operate in Open Banking and Pix, allows for the triggering of payment instructions from the customer initiating the transaction, even without possessing their account details, thereby ensuring that the funds are directly deposited into the recipient's account. The role of the initiator is solely limited to this initial action, and it neither requires nor possesses access to the funds being transferred by the customer.

Nubank receives USD 150 million loan

In January 2023, Nubank has secured a loan of up to USD 150 million from the International Finance Corp, the private lending arm of the World Bank.

The financing is meant Allow Nubank to expand its operations in Colombia. One of the biggest fintech companies in Latin America made the move as part of a plan to quickly establish itself in some of the important markets in the area.

The loan will be used to increase access to financial services in Colombia, particularly for women and marginalized communities. It has a three-year maturity. In addition to encouraging more business competition in favour of consumers, the new loan will expand Colombians' access to payment systems.

The loan is in line with Nubank's aim to establish itself as the top provider of digital financial services in Colombia. It aims to encourage the adoption of 100% digital financial services that are more effective, accessible, and easy to use. Nu Colombia, a division of Nubank, is one of the nation's fastest-growing credit card issuers, with customers in each department and approximately 80% of municipalities. In the last ten months, more than 400,000 cards have been issued.