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Fintech Nubank nets US$650 million credit line for Mexico, Colombia expansion
Brazil's Nubank, Latin America's star fintech, is fueling its expansion in Mexico and Colombia with the investment of a US$650-million line of credit, the digital bank said Monday.
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The new funds are a three-year credit line in Mexican and Colombian pesos, financed by Morgan Stanley, Citigroup Inc, Goldman Sachs, and HSBC, institutions that were underwriters of Nubank's initial public offering (IPO) in December 2021.
Backed by Warren Buffett's Berkshire Hathaway, Nubank said the funding will go towards technology and product development, growth of its customer base and hiring.
While the majority of Nubank's products are developed and designed in-house, the company has recently looked into partnerships, said Nubank Chief Executive David Velez, citing its in-app marketplace in Brazil where customers can shop at retailers, and its insurance products in alliance with provider Chubb.
"We are constantly evaluating possibilities to broaden our product offering," Velez told Reuters.
Founded in 2013 to offer consumers a no-fee credit card, Nubank briefly became Latin America's most valuable listed bank ahead of Brazil's Itau Unibanco Holding. Nubank's shares have since fallen and Itau's have strengthened, moving Itau back to the top spot as the region's most valuable listed bank.
Brazil's Nubank, Latin America's star fintech, is fueling its expansion in Mexico and Colombia with the investment of a US$650-million line of credit, the digital bank said Monday.
It's not difficult to play slots for money because it's an easy เกมสล็อต game to play. The format is simple and it's quick to earn money, but there are some players who might not be familiar with the game.
The new funds are a three-year credit line in Mexican and Colombian pesos, financed by Morgan Stanley, Citigroup Inc, Goldman Sachs, and HSBC, institutions that were underwriters of Nubank's initial public offering (IPO) in December 2021.
Backed by Warren Buffett's Berkshire Hathaway, Nubank said the funding will go towards technology and product development, growth of its customer base and hiring.
While the majority of Nubank's products are developed and designed in-house, the company has recently looked into partnerships, said Nubank Chief Executive David Velez, citing its in-app marketplace in Brazil where customers can shop at retailers, and its insurance products in alliance with provider Chubb.
"We are constantly evaluating possibilities to broaden our product offering," Velez told Reuters.
Founded in 2013 to offer consumers a no-fee credit card, Nubank briefly became Latin America's most valuable listed bank ahead of Brazil's Itau Unibanco Holding. Nubank's shares have since fallen and Itau's have strengthened, moving Itau back to the top spot as the region's most valuable listed bank.