According to the IFC, the proposed project consists of a financing package of up to US$150 million to Nu Colombia S.A., the subsidiary of Nu Holdings Limited. It will comprise (i) a three-year senior unsecured “A” loan of up to US$62.5 million linked to Colombian Pesos for IFC’s own account and (ii) a three-year senior unsecured “B” loan of up to US$87.5 million swapped to Colombian Pesos. The proceeds of the investment will help Nu Colombia to expand its business and therefore credit card access to unbanked and underbanked individual populations in Colombia.
The IFC categorized the project as FI-3.
As stated by the IFC, founded in 2013 and headquartered in São Paulo, Brazil, Nubank is one of the world’s largest digital services platform, with over 70 million customers in Latin America. It uses its proprietary technologies to create customer-centric solutions for its many retail customers. Since its launch in 2013, it has fostered financial inclusion in Latin America by banking millions of previously unbanked and underserved populations.
Nubank went public on December 9, 2021, on the New York Stock Exchange, as well as on the Brazilian Stock Exchange as a depository receipt. Nubank’s largest shareholders include its founder, CEO David Vélez, who owns 21 percent of Nubank and the institutional investors that invested in the company when it was private. Sequoia, DST Global, Tencent and Berkshire Hathaway are some of its largest institutional investors.
Nu Holdings is headquartered in Cayman Islands, and Nu Colombia is headquartered in Bogota, Colombia.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Nu Colombia SA:
Cristiana Ferraz - Wholesale Credit and Structured Finance Director
Phone: +55 11 5118-9128
Address: R. Capote Valente, 39 - Pinheiros, São Paulo , BRAZIL, SP, 05409-000
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org