Nubank takes next step in international expansion and launches in Colombia

Bogotá, September 30th, 2020 – Nubank, the world’s largest independent digital bank in the world, arrives in Colombia with the mission of transforming the future of financial services in the country. After the success in Brazil and Mexico, the company launches operations in the third most populated country in Latin America and the fourth largest financial market in the region.

This year, Nubank carried out three strategic acquisitions and announced the entering in the investment sector.

“Nubank was born out of the conviction that through technology, design, data science and a customer-centric vision we could create a new generation of financial services that make people’s lives easier, with no complexity and no bureaucracy. All Latin Americans deserve a more simple, transparent and human banking experience. Today, I’m proud to announce the arrival of Nubank in Colombia, my motherland. Our goal is to have a positive impact in the life of millions”, says David Vélez, CEO and founder of Nubank. 

Under the name Nu Colombia, the company aims to invest more than US$150 million in the next 8 years and create a hub of technology, data science and design in Bogotá. The local operation is led by Catalina Bretón in the role of General Manager and is supported by a multidisciplinary team who is passionate about challenging the status quo. 

“In Colombia, around 70 to 85% of all transactions are done in cash. The credit card penetration and formal savings are still very low. But more than half the population has a smartphone and around 72% has Internet access. With Nu, now any Colombian will be able to apply to our products and enjoy a complexity-free financial life”, explains, Catalina Bretón, General Manager of Nu Colombia.

The first product in the country is a fee-free credit card which will hit the Colombian market in the upcoming months and the waitlist for Colombians to apply is now open in www.nu.com.co. More than 26 million people in Brazil and Mexico are already customers of Nubank’s credit card, which has an NPS (net promoter score) of over 89. 

ABOUT NUBANK

Nubank was founded in 2013 to free people from a bureaucratic, slow and inefficient financial system. Since then, through innovative technology and outstanding customer service, the company has been redefining people’s relationship with money across Latin America.

With operations in Brazil, Mexico and Colombia, Nubank is today the world’s largest independent digital bank, reinventing over 30 million customers’ financial lives.

Nubank achieved this by offering a no-fee credit card, entirely managed by a mobile app and currently used by 15 million people, and a digital account, free of taxes, held by more than 26 million Brazilians. Nubank also offers transparent and hassle-free personal loans, a benefits program with points that don’t expire, and a business account tailored for SMBs.

In 2020, Nubank acquired digital broker Easynvest and became the leader in self-directed digital investments in Brazil. 

Throughout the years, Nubank raised over US$1 billion with some of the best-known growth and technology investors in the world, such as TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent. 

Nubank was elected by Forbes magazine as the best bank in Brazil — and one of the best in the world — for two years in a row, 2019 and 2020. Fast Company magazine named Nubank the most innovative company in Latin America and as the most valuable challenger bank by CBInsights.

Today, Nubank is a global company, with offices in São Paulo (Brazil), Mexico City (Mexico), Buenos Aires (Argentina), Bogotá (Colombia), and Berlin (Germany). It was founded in 2013 in Sao Paulo, by Colombian David Vélez, and cofounded by Brazilian Cristina Junqueira and American Edward Wible. For more information, visit www.nubank.com.br.