Nu Colombia receives approval to broaden offering

Ellie Duncan
08 Jan 2024

Nubank subsidiary Nu Colombia has obtained regulatory approval to operate as a financing company in Colombia, paving the way for the launch of its savings product.

The Financial Superintendence of Colombia has officially approved Nu Colombia’s application to become a financing company.

As of September 2023, Nu had amassed 800,000 customers in Colombia with its credit card product alone.

Marcela Torres, general manager of Nu Colombia said that obtaining the license is the result “of months of hard teamwork” and called it “a fundamental step in our journey in Colombia, as it enables the right regulatory framework to launch Cuenta Nu and for 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,” added Torres.

In January 2023, Nubank received a loan of up to $150 million from the International Finance Corporation (IFC) to fund its operations in Colombia – the IFC’s first investment in a digital bank in Latin America and the Caribbean.

Then, in September, the IFC increased the loan it had granted, from its initial $150 million commitment, to $265.1 million.

In Mexico, Nu’s customer base has grown to 4.3 million, largely driven by the launch and subsequent expansion of its savings product.