The International Finance Corporation (IFC) has granted a $150 million loan to Nubank to strengthen its presence in Colombia.

The loan is the IFC's first investment in a digital bank in Latin America and the Caribbean and will be used to boost the growth of Nubank's local operations and expand access to financial services in the country.

With more than 400,000 cards issued in the last 10 months, Nu Colombia, a subsidiary of Nubank, is the fastest-growing credit card issuer in the country, with clients in all departments and nearly 80 per cent of municipalities.

Lack of access to formal financial services is a major challenge to economic growth in Colombia. With this new loan, Nubank will aim to increase access to payment systems for Colombians, in addition to promoting greater competition in the industry in favor of consumers.

The loan is aligned with Nubank's strategy of becoming Colombia's leading digital financial services company and promoting access to 100% digital financial services that are more efficient, inclusive, and easy to use.