- Regulatory Approval for Nu Colombia:
- Nu Colombia, the Colombian subsidiary of Latin American challenger Nubank, has received regulatory approval from the Financial Superintendence of Colombia (SFC) to operate as a financing company in the country.
- Expansion Plans:
- The approval is deemed a “key milestone” in Nu Colombia’s expansion plans, enabling the company to diversify its product portfolio in Colombia.
- New Savings Offering – Cuenta Nu:
- Nu Colombia plans to launch a new savings offering called “Cuenta Nu” as part of its expanded product portfolio.
- Investment and Capital Injection:
- Nubank claims to have invested approximately $450 million in Nu Colombia since its launch in 2021.
- A recent capital injection of $150 million is expected to be deployed over the next two years.
- IFC’s Increased Loan Support:
- The International Finance Corporation (IFC) increased its A/B loan to Nu Colombia from an initial $150 million to $265.1 million.
- Customer Reach:
- Nu Colombia reports having customers in “100% of the country’s departments,” reaching 800,000 customers as of September 2023, particularly for its credit card product.
- General Manager’s Statement:
- Marcela Torres, the General Manager of Nu Colombia, highlights that obtaining the license enables the right regulatory framework for launching “Cuenta Nu” and expanding the product portfolio.
- Cuenta Nu is positioned to assist Colombians in reaching their saving goals and financial plans, contributing to Nu Colombia’s broader impact on millions of people.
