The deal expands an existing arrangement between the two entities with Nasdaq providing the technology for Nubank’s treasury function as well as its fixed income and money market capabilities.

More specificially, AxiomSL will be used to support Nubank’s regulatory reporting requirements in Colombia.

Nasdaq currently has around 50 banking and payment services clients in the region. According to a statement, the deal also reflects the growing development of digital banking in the region.

“Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking and innovative technology combining to empower a new generation of consumers," said Ed Probst, senior vice president, regulatory technology at Nasdaq.

"We welcome the opportunity to expand our partnership with Nubank, alongside many other clients in the region, to support their ambitious growth trajectory.”