Latin America: Cuenta Nu to Help Colombians to Grow Wealth and Achieve Savings Goals

Nu. Colombia Financial Company, a subsidiary of Nu Holdings in the country, announced the opening of the “Launch List” for “Cuenta Nu,” its latest product, which aims to provide Colombians with a savings experience through the market’s “most competitive” offering.

Cuenta Nu is a digital savings account “with no hidden fees or commissions. It is free of charge and offers unlimited transfers to other financial institutions, along with 24/7 access to the country’s recognized best customer service.”

With an annual effective yield “of 13%, it features the most competitive value proposition in the market.”

This product is a strategic advance in “the company’s roadmap to continue its accelerated growth in the local market, where it already holds a market share of nearly 5% and serves over 800,000 credit card customers.”

As part of Cuenta Nu, Nu. Colombia Financial Company unveiled “Money Boxes,” a saving account functionality that allows users “to better organize their finances.”

Money Boxes are the tool through which “the 13% annual effective yield is offered, enabling customers to witness their money grow each day, all while having access to it at all times.”

Cuenta Nu was developed in response “to the growing need among Colombians to find tools that allow them to maximize their savings and achieve their financial goals more efficiently, without losing the ability to access their money whenever they want.”

According to a study conducted by the company, people feel “that they have accounts for expenses rather than savings. Over 50% of Colombians face barriers to saving with existing products, either because they perceive the yield as too low or because their money doesn’t grow due to management fees and other associated costs.”

The relevance of this product is evident “not only in Colombia but also in the other countries in which the company currently operates.”

At the close of Q3 2023, Cuenta Nu “had 65 million active customers, with the Money Boxes functionality registering 8.6 million users in Brazil. In Mexico, Cuenta Nu reached 2.4 million customers during the same period.”

Marcela Torres, General Manager of Nu. Colombia Financial Company, said:

“Cuenta Nu will allow us to help all Colombians enhance their savings so they can achieve their financial goals, through an innovative product designed to address their pains and desires,” 

Nu. Colombia Financial Company will also “launch a debit card to strengthen the company’s product portfolio.”

Similar to La Moradita (Nu’s credit card), which is already “used by over 800,000 people in all departments of the country, the debit card will be available both physically and virtually.”

“Cuenta Nu is an important step that will allow them “to continue expanding our customer base in Colombia, where we have outlined an ambitious growth plan for the next two years with the goal of becoming our customers’ primary banking relationship.”

Today, 1 in 2 adults in Brazil are already Nu customers, and they “hope to replicate this milestone in Colombia soon,” according to Cristina Junqueira, Co-Founder and Chief Growth Officer of Nubank.

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