Nu Colombia, a subsidiary of Nubank (NYSE:NU) 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.”
Becoming a financing company is” a key milestone in Nu’s growth plan, as the company aims to become a leader in digital financial services in Colombia.”
Currently, the company says that it “has customers in 100% of the country’s departments, and as of September 2023, it had reached 800,000 customers, only with its credit card product.”
Marcela Torres, General Manager of Nu Colombia, said:
“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.”
Nu has demonstrated its commitment “to the country, not only through obtaining the operating license but also through significant investments.”
The company markets its second year of operations 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 reportedly “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.”