Nu Colombia , a subsidiary of Nubank in the country, has received official approval from the Financial Superintendence of Colombia (SFC) to operate as a financing company. This approval is a very important step towards expanding its product portfolio, including the launch of Cuenta Nu, a savings product that aligns with the company's long-term vision for the country.

Cuenta Nu to help Colombians reach their saving goals According to an official press release, becoming a financing company is a vital part of Nu's growth strategy to improve its digital financial services in Colombia. The company already has a presence in all the country's departments and has 800,000 customers with just its credit card product as of September 2023. Following this announcement, Nu Colombia stated that obtaining this licence represents a fundamental step in its journey in Colombia, as it enables the right regulatory framework to launch Cuenta Nu and further expansion of its product portfolio.

Moreover, Cuenta Nu will help Colombians reach their saving goals and financial plans and will allow the company to broaden its impact to millions of people. Cuenta Nu requires a 100% digital account accompanied by a physical debit card (free of charge) that allows users to save and carry out transactions 24/7 without annuity, minimum balance or fine print. Moreover, customers can check their movements in real-time, make transfers 24/7, and receive transfers and deposits into their accounts with CLABE.

More about Nubank Nubank is a digital financial services platform that serves more than 80 million customers across Brazil, Mexico, and Colombia. The company leverages proprietary technologies and innovative business practices to put forward new financial solutions and experiences for individuals and SMEs. The solutions developed by Nubank are designed with convenience and low cost in mind.

Nu has made previous investments in Colombia, and it continues to grow globally. In Mexico, the customer base has already increased to 4.3 million, driven by the launch and expansion of the savings product. In Brazil, the product portfolio continues to strengthen, including credit cards, savings accounts, and personal loans, reaching approximately 39 million, 65 million, and 7 million active customers, respectively.

In August 2023, Nubank partnered with Google, helping it to expand the reach of Google Wallet to Colombia by securing an integration with Moradita Credit cards, to perform secure and convenient mobile payments. Previously, in June 2023, Nubank secured a loan of up to USD 150 million from the International Finance Corp, the private lending arm of the World Bank. The financing helped the fintech company bank to expand its operations in Colombia and Latin America, as part of a plan to quickly establish itself in some of the important markets in the area.

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