Nubank subsidiary in Colombia receives approval to operate as a finance company

Nu Colombia, a subsidiary of Nubank in the country, announced this Wednesday, 3rd, that the Financial Superintendency of Colombia has officially approved its request to operate as a financial company, a significant milestone for Nu's Colombian operation, which also opens up space for the expansion of its portfolio of savings products, with the imminent launch of Cuenta Nu, a crucial move for its long-term vision in the country.

According to Nubank, becoming a finance company is a fundamental step in Nu Colombia's growth plan, as the company seeks to become a leader in digital financial services in the country. The company currently has customers in 100% of Colombian departments and, as of September 2023, it had already reached 800,000 customers with its credit card product alone.

“Obtaining this license is the result of months of teamwork and represents a fundamental step in our journey in Colombia, by providing the appropriate regulatory framework for the launch of Cuenta Nu and the continued expansion of our product portfolio”, says Marcela Torres , operations leader at Nu Colombia.

According to her, Cuenta Nu will help Colombians achieve their savings goals and financial plans, and will allow us to expand our impact to millions of people, being able to say 'yes' to everyone.

Nu has demonstrated its commitment to Colombia, not only through the recent operating license, but also through significant investments. In 2023, the company celebrated the second anniversary of the launch of its credit card by announcing a capitalization of approximately US$150 million for the next two years, which, added to the investments made since 2021, totals around US$450 million.

Additionally, in September, the IFC increased the A/B loan it had extended to the company: from the initial commitment of US$150 million to a total amount of US$265.1 million.

Mexico and Brazil

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