This week TransUnion acquired a 71% ownership interest in CIFIN (Central de Informacion Financiera), one of two primary Colombian credit bureaus. CIFIN was established 35 years ago and covers full-file data to empower lenders to make holistic decisions and reward responsible behavior, enabling greater financial inclusion for consumers.
CIFIN offers a wide portfolio of products and services for Colombian consumers and customers across multiple industries, including financial services, insurance, telecommunications, retail and manufacturing. TransUnion will bring further innovation to the market through the introduction of advanced analytics, decisioning solutions, an enhanced direct-to-consumer platform, and expansion into adjacent industries such as insurance.
This acquisition builds on our strong presence in Latin America, where we are already the market leader in five Central American countries and have a strong presence in Brazil, Chile and Mexico. The largest Colombian banks have been investing significantly in Central America, and we will leverage our regional footprint to support their expansion.
Colombia is one of the largest Latin American economies and has been experiencing strong growth and the rapid development of an emerging middle class. As a market leader in high-growth countries around the globe ranging from the Philippines to India to Mexico, as well as other Latin American countries, TransUnion has maintained a presence in Colombia for many years–building the first risk score in the market over a decade ago.
Our growth strategy focuses on international expansion in emerging markets, and Latin America is a key region of focus. We are delighted to add Colombia to our family of 10 other Latin American markets and look forward to leveraging our global data, analytics and technology capabilities for the benefit of Colombian banks, businesses and consumers.
Welcome to TransUnion, CIFIN!