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Brazilian financial startup Nubank expands to Colombia

09/30/2020 | 11:43am EDT

SAO PAULO, Sept 30 (Reuters) - Brazilian financial startup Nubank has launched services in Colombia, in its latest move to expand across Latin America, according to a statement on Wednesday.

Nubank said it will start operations in Colombia by offering its no-fee credit card. The new office will be run by Catalina Breton.

Earlier this month, Nubank's founder David Velez told Reuters that Nubank was planning to use the proceeds of a recent $300 million funding round to expand its reach.

The Brazilian fintech estimates that it will invest $150 million in Colombia over the next eight years.

Nubank, which currently has 30 million clients, opened its first office outside Brazil in 2019, in Mexico, followed by Argentina, and now Colombia.

(Reporting by Carolina Mandl; Editing by Lisa Shumaker)


© Reuters 2020
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