Nu operating financing company in Colombia after regulatory approval.

Nu Colombia, a subsidiary of digital banking company Nubank, has been granted regulatory approval to operate as a financing entity in Colombia. The approval allows Nu to expand its product offerings in the country, including the introduction of its new savings product, Cuenta Nu. In addition to receiving the operating license, Nu has made significant investments in Colombia, including a capital infusion of $150m and an enlarged loan commitment from the International Finance Corporation. The company already has a large customer base in the country, with 800,000 customers signed up for its credit card product as of September 2023. Marcela Torres, General Manager of Nu Colombia, said that obtaining the license was a “fundamental step” and would allow the company to broaden its impact in Colombia.