- 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.
Nubank secures regulatory approval to operate as a financing company in Colombia
