Nu Colombia, a subsidiary under the umbrella of Nubank in the country, has received approval from Colombia’s Financial Superintendence (SFC) to operate as a financing entity.
This milestone not only marks a significant achievement for Nu Colombia but also signals the imminent expansion of its product line-up, notably with the introduction of Cuenta Nu, a move pivotal to its long-term vision for the country, according to FinTech Finance News.
The approval to function as a financing company stands as a strategic milestone in Nu’s roadmap, aiming to position itself as a digital financial services leader in Colombia.
Nu has not just secured the operating license but has also shown a deep commitment to Colombia through substantial investments. Celebrating its second anniversary in 2023, Nu announced a capital infusion of approximately $150m over the subsequent two years.
Combined with prior investments since 2021, the total capital injection stands close to a significant $450m mark. Moreover, in September, the International Finance Corporation (IFC) bolstered its A/B loan commitment to Nu, scaling it from the initial $150m to a substantial sum of $265.1m.
Presently, the company boasts a customer base spanning every department in the country, reaching a substantial count of 800,000 customers by September 2023 solely through 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.”
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