Nubank secures regulatory approval to operate as a financing company in Colombia
Nu Colombia, the Colombian subsidiary of Latin American challenger Nubank, has secured regulatory approval to operate as a financing company in the country.
Nubank plans to expand its product portfolio in Colombia
The approval was granted by the Financial Superintendence of Colombia (SFC), the country’s government agency responsible for overseeing financial regulations.
The challenger describes the approval as a “key milestone” in its expansion plans, allowing it to grow its product portfolio in the country through the upcoming launch of a new savings offering called Cuenta Nu.
Nubank claims to have invested close to $450 million in Nu Colombia since launching in the country in 2021, including a recent capital injection of $150 million to be deployed over the next two years.
Additionally, the International Finance Corporation (IFC) also increased its A/B loan to the company from an initial $150 million to $265.1 million. The subsidiary also claims to have customers “in 100% of the country’s departments”, reaching 800,000 customers as of September 2023 for its credit card product alone.
Marcela Torres, general manager of Nu Colombia, says securing the licence “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,” Torres adds.
