Global risk and information solutions provider TransUnion has acquired a 71 percent stake in Central de Informacion Financiera (CIFIN), one of Colombia’s two primary credit bureaus. The remaining 29 percent should be acquired later this year.
The move is consistent with TransUnion’s pattern of having a presence in emerging economies such as Mexico, India and parts of Latin America.
TransUnion is no stranger to Colombia, as it built the market’s first risk score more than a decade ago.
“TransUnion’s growth strategy focuses on international expansion in emerging markets, and Latin America is a key region of focus,” President and CEO Jim Peck said. “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.”
Established 35 years ago, CIFIN covers positive and negative consumer behavioral data, a range which rewards responsible behavior. Its established record was key, TransUnion’s President of International Business David Neenan said.
“CIFIN is a great company in an attractive market with a long and successful history of using data to deliver differentiated insights to customers. In line with TransUnion’s growth strategy, we identified CIFIN as an opportunity for acquisition several years ago, and the time is right now.”