The Weekly Wrap: all you need to know by Friday COB | June 2nd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The Brazilian digital bank Nubank is investing up to an additional 700 billion pesos ($159 million) in its Colombian operations by 2025, according to its Colombian financial director. According to Reuters, with the additional sum, the bank will invest 2 trillion pesos in its third-largest market after Brazil and Mexico.

“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 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.

Deals of the week

• Tabby upsizes debt facility to $350m with new financing
• BharatNXT raises $1.2m in Seed Round
• Mastercard & Dapi partner to bring A2A payments to the UAE
• NomuPay raises $53.6m to expand cross-border payments offering
• NatWest pledges £1b in lending to boost UK green manufacturing
• Ebury announces expansion of operations in Brazil at Money 20/20 Europe
• Wolters Kluwer announces strategic partnership with LTIMindtree
• Mambu and Mia-FinTech partner to accelerate digital finance solutions
• SAMA grants Tarabut Gateway ‘Open Banking Certification’
• National Bank of Georgia okays Open Banking rules
• Mexican FinTech unicorn Stori secures $50m in debt capital
• Funding Societies launches suite of Islamic Financing solutions in Malaysia

Be on the lookout for

A new edition of ICT Spring will be held in Luxembourg on 29 and 30 June 2023, for business innovation to make a difference for 5000+ professionals (springers).

Organised since 2010, the event will take place at LuxExpo The Box and feature an exhibition area of over 100 companies including some of the largest in tech. Today, the organisers are announcing the various topics to be addressed on stage, as well as the first confirmed experts during what promises to be a tremendous new edition!

This year’s ICT Spring is entitled “Time for Change”, highlighting the ever-growing digital world and how it is redesigning businesses, work culture, and life.

The program will be dedicated to discussing the greatest challenges businesses face across sectors and the technologies that are at the forefront of an intriguing yet needed transformation to grow sustainably, be more resilient, drive performance, and anticipate future challenges.