Nu Colombia secures regulatory approval to operate as a financing company

By Delisha Fernandes

Nu Colombia, a subsidiary of Nubank in the country, has received official approval from the Financial Superintendence of Colombia (SFC) 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.

“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”, said Marcela Torres, General Manager of Nu Colombia.

Becoming a financing company is a key milestone in Nu’s growth strategy to improve its digital financial services in Colombia. The company already has a presence in all the country’s departments and has 800,000 customers with just its credit card product as of September 2023.

Nu has demonstrated its commitment to the country, not only through obtaining the operating license but also through significant investments. 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.