Nu Colombia to launch savings product image credit: shutterstock

Nubank is ramping up ambitions to become a leader in digital financial services in Colombia. Local regulator, the Financial Superintendence of Colombia has approved its application to operate as a financing company. This will enable Nubank’s subsidiary, Nu Colombia, to expand its product portfolio into savings with the upcoming launch of Cuenta Nu.

Becoming a financing company is a key milestone in Nu’s growth plan. As of September 2023, it reported that Colombian customer numbers had grown to 800,000 for its existing credit card product.

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“Obtaining this license is the result of months of hard teamwork. It represents a fundamental step in our journey in Colombia. 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.

Nu Columbia celebrated its second anniversary in 2023 by announcing capatalisation of approximately $150m for the next two years. This takes total investment since 2021 to around $450m.

Elsewhere, Nubank continues to report success in growing customer numbers. In Mexico, its customer base has increased to 4.3 million, driven by the launch and expansion of its savings product. In Brazil, the product portfolio continues to strengthen, with credit cards, savings accounts, and personal loans, reaching approximately 39 million, 65 million, and 7 million active customers, respectively.

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