Brazilian digital banking behemoth Nubank is stepping up its presence in Colombia after receiving approval from authorities to operate as a financing company in the country.
Nubank moved into Colombia in 2020 with a credit card product that now has around 800,000 users.
Now, with its application approved, Nu Colombia is set to expand its product portfolio into savings with the upcoming launch of Cuenta Nu.
Marcela Torres, GM, Nu Colombia, says: "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."
Nubank, which has tens of millions of customers in its home market and over four million in Mexico, is betting big on Colombia, recently committing $150 million to the country over the next two years.