Brazilian digital banking giant Nubank is enhancing its footprint in Colombia following the approval from local authorities to operate as a financing company in the nation.
Nubank entered the Colombian market in 2020 with a credit card product, which has since gained around 800,000 users. With the recent approval, Nu Colombia plans to broaden its offerings with the introduction of Cuenta Nu, a savings product.
Marcela Torres, General Manager of Nu Colombia, stated, “Cuenta Nu will help Colombians reach their saving goals and financial plans, allowing us to extend our impact to millions of people by saying ‘yes’ to everyone.”
Nubank, which has tens of millions of customers in Brazil and over four million in Mexico, is making a significant commitment to Colombia, with plans to invest $150 million in the country over the next two years.