Brazil’s Nubank Starts in Colombia

Brazil’s Nubank Starts in Colombia

Nu Colombia, a subsidiary of Nubank in the country, announced that the Financial Superintendence of Colombia (SFC) has officially approved its application to operate as a financing company. This achievement not only marks a significant milestone for Nu Colombia but also paves the way for the expansion of its product portfolio into savings with the upcoming launch of Cuenta Nu, a pivotal move for its long-term vision for the country.

Marcela Torres

Marcela Torres

“Obtaining this license is the result of months of hard teamwork and represents a fundamental step in our journey in Colombia, as it enables the right regulatory framework to launch Cuenta Nu and further expansion of our product portfolio. Cuenta Nu will help Colombians reach their saving goals and financial plans, and will allow us to broaden our impact to millions of people by saying ‘yes’ to everyone”,

says Marcela Torres, General Manager of Nu Colombia.

Nu has demonstrated its commitment to the country, not only through obtaining the operating license but also through significant investments. The company celebrated its second anniversary in 2023 by announcing a capitalization of approximately US$150 million for the next two years, which, combined with investments made since 2021, totals close to US $450 million. Additionally, in September, IFC increased the A/B loan it had granted to the company: from the initial commitment of US$150 million to a total amount of US$265.1 million.

On a global level, Nu continues to grow. In Mexico, the customer base has increased to 4.3 million, driven by the launch and expansion of the savings product, and in Brazil, the product portfolio continues to strengthen, including credit cards, savings accounts, and personal loans, reaching approximately 39 million, 65 million, and 7 million active customers, respectively.

 

Featured image credit: Edited from Unsplash

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