Nu : Colombia secures loan of USD$150 million from DFC to expand access to digital financial services in the country

• With this loan, Nu will continue working to reach more Colombians and expand its portfolio of products and services.
• This $150M loan strengthens Nu's long-term commitment in Colombia, which includes $330 millions in capital investments made since 2021.

Bogotá, April 2024. Nu Colombia, a subsidiary of Nubank in the country, is enhancing its local presence by announcing a $150 million loan from DFC, the U.S. International Development Finance Corporation. This financing will empower the company to broaden its operations and digital financial services nationwide, enhancing access for underserved communities.

The recent growth experienced by Nu Colombia has enabled the company to reach customers in 100% of the country's departments and 92% of its municipalities. By the end of 2023, the company had already reached over 800,000 customers. In January of this year, Nu Colombia also announced the launch of the waiting list for its latest savings product, Cuenta Nu.

With the resources from this loan, Nu Colombia will continue working to reach more Colombians and expand its portfolio, aiming to contribute to Colombia's long-term development.

"We are very proud that an institution like DFC has trusted us to continue generating a positive impact in the country. This loan reflects the confidence of globally relevant institutions in our business model, the strength of our operation and our team, and the progress we have made in terms of financial access in a country like Colombia where there is still low penetration and 78% of people continue to use cash as their primary means of payment," said Marcela Torres, General Manager of Nu Colombia.

This $150M loan strengthens Nu's long-term commitment in Colombia, which includes $330 millions in capital investments made since 2021, which are expected to amount to over $500 million in the next two years. It is important to note that this amount is in addition to the loan obtained from IFC last year for approximately $265 million dollars.

"We are building the strongest institution in Latin America and transforming the lives of millions of people in the countries where we operate. This loan will enable us to further invest in our operations in Colombia to keep accelerating Nu's business model while we foster the development in the country", said Cristina Junqueira, Co-Founder and Chief Growth Officer of Nubank.