Nubank Investment
Nu Colombia Compañía de financiamiento S.A., a subsidiary of Nubank, recently achieved a significant milestone. The Superintendencia Financiera de Colombia (SFC) formally approved its application to operate as a finance company. This approval is crucial for Nu Colombia’s long-term vision, enabling it to expand its savings products portfolio and soon launch ‘Cuenta Nu’.
This licensing marks a key event in Nu’s growth strategy, aimed at providing digital financial services to all Colombians. By September 2023, Nu Colombia boasted a client base across all departments of the country, with 800,000 credit card users.
Marcela Torres, the general manager of Nu Colombia, highlighted the significance of this license. She stated that it’s the culmination of months of teamwork and a crucial step in their journey in Colombia. The license facilitates the regulatory framework necessary for launching ‘Cuenta Nu’ and expanding their product portfolio. ‘Cuenta Nu’ is designed to assist Colombians in achieving savings goals and financial plans, aiming to impact millions by offering more inclusive financial services.
Nu’s commitment to Colombia is evident not only through obtaining the operation license but also through significant investments. In 2023, the company celebrated its second anniversary with a new capitalization of approximately 680 billion Colombian pesos. This investment, combined with those since 2021, totals nearly 2 trillion Colombian pesos. Additionally, in September, the International Finance Corporation (IFC) increased its A/B loan to Nu Colombia. The total amount was raised from an initial USD 150 million to USD 265.1 million.
Globally, Nu continues to expand. In Mexico, the customer base grew to 4.3 million, boosted by the introduction and expansion of savings products. In Brazil, the product portfolio strengthens with credit cards, savings accounts, and personal loans, serving approximately 39 million, 65 million, and 7 million active customers, respectively.
