Nubank to invest in Mexico and Colombia expansion

Tuesday 12 April 2022 11:58 CET | News

Brazil-based Nubank has announced it will invest USD 650 million line of credit to fuel its expansion in Mexico and Colombia.

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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Keywords: banks, funding, expansion, credit card, fintech
Categories: Banking & Fintech
Companies: Nubank, VikingCloud
Countries: Colombia, Mexico
This article is part of category

Banking & Fintech




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