Nubank to hike Colombia investments by $160 million by 2025
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The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank's headquarters in Sao Paulo, Brazil June 19, 2018. REUTERS/Paulo Whitaker
BOGOTA, May 31 (Reuters) - Brazilian digital bank Nubank , Latin America's biggest fintech company, will invest up to a further 700 billion pesos ($159 million) in its Colombian operations by 2025, its financial director for Colombia said on Wednesday.
The additional sum, from the bank's own resources, will raise its investments in its third largest market behind Brazil and Mexico to 2 trillion pesos.
"We're going through the investment curve that any company has, where first there is a cash flow, then there are large investments (...) with their own capital, then there are shareholders," Colombia Director Felipe Castellanos told reporters in Bogota.
Nubank has 635,000 credit card customers in Colombia, equivalent to a 3.6% market share. It has some 80 million clients in Brazil, Mexico and Colombia.
Nubank reported a net profit of $142 million in the first quarter, swinging from a year-earlier loss of $45.1 million as its customer base grew.
($1 = 4,408.65 Colombian pesos)
Reporting by Nelson BocanegraWriting by Oliver Griffin; editing by John Stonestreet
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Wednesday, May 31, 2023 at 4:00 pm