Nu Colombia, a subsidiary of Nu Holdings, confirms that the Colombian Financial Superintendence (SFC) has formally approved its request to consolidate its account and credit operations under the entity Nu.
As stated in the update, this latest milestone, which aims to reinforces its long-term vision and commitment to the nation, will allow it to “expand its portfolio of products and services in the future.”
As clarified in the announcement shared by Nubank (NYSE: NU), this merger will not change any customer conditions and, on the contrary, “seeks to continue optimizing Nu’s business model, which now operates under a single company supervised by the Colombian Financial Superintendence.”
It also provides consumers with new protection mechanisms, such as the Financial Consumer Ombudsman (FCO).
Marcela Torres, general manager of Nu Colombia, said that they are very pleased with this operation, which will allow them to “continue expanding their product portfolio in the country while further simplifying the customer experience and service”
Nu’s commitment is said to be “long-term.”
As of September of this year, the company already reached more than 2 million customers in the country and has now reportedly become one of the 5 financial institutions with the “largest number of deposits, in addition to consolidating its operation with clients in 100% of the departments of Colombia.”
As reported in January of this year, Nu Colombia, a subsidiary of Nubank in the country, announced that the Financial Superintendence of Colombia (SFC) has officially approved its application to operate as a financing company.
This achievement marked a key milestone for Nu Colombia and 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.”
The company has said, earlier this year, 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.”
