Nu Colombia celebrates two years of local operation with plans to invest US$450 million into the country by 2025
This investment will boost growth by expanding the penetration of Nu's credit card throughout the country, and growing its product portfolio
May 31 , 2023
Bogotá, May 31, 2023 – Nu Colombia, Nubank’s subsidiary in the country, celebrates its second year of operations with the announcement of a new capitalization close to US$150 million for the next two years. This, combined with the investments made since 2021, brings the total amount to be invested in the country by 2025 to approximately US$450 million. This figure is in addition to the US$150 million loan from IFC announced in January of this year.
This investment will boost the growth of Nu Colombia by expanding and deepening the penetration of its credit card throughout the country, and growing its product portfolio to offer customers a full digital platform of financial services.
Since 2021, Nu Colombia has made significant investments in the country, mainly to support three key areas for the growth and scaling of operations:
- Technology and innovation to offer Colombians a new generation of financial products.
- Customer base expansion to free more people from the complexities of legacy financial services.
- Talent attraction to keep building one of Colombia’s most innovative and disruptive companies.
“Throughout these first two years of operation, the team has tirelessly worked to build the future of financial services in Colombia, always putting customers at the center of everything we do, evidenced by an NPS of around 85 points, well above the sector average. And, although we are still at the beginning of this journey, 635,000 people across all departments have already joined Nu as customers,” says David Vélez, CEO and founder of Nubank, who adds, “We are very proud of how far we have come. However, we know that the opportunity ahead is huge. We hope to increase our market share through La Moradita and the new products we plan to launch later in 2023, including a savings account with a debit card.”
Nu Colombia reached 635,000 customers at the end of March 2023, a YoY growth of 200%. The company already has users in 100% of the country’s departments and has completed more than 22 million transactions since it began operations.
2022, a year of growth and consolidation for Nu Colombia
Nu has already obtained the license to establish a Financing Company and is in the process of obtaining a second license, which will enable it to expand its portfolio and offer savings products to Colombians.
According to the latest available data, Nu’s market share by number of cards for individuals was 3.6%. It is worth noting that for 30% of customers, Nu Colombia’s La Moradita is their first credit card. With 22 million transactions in these two years, Colombians have used their ‘Moradita’ mainly for shopping in supermarkets (20%), airlines (17%), buying appliances (16%), and visiting restaurants (10%).
The local team has also experienced significant growth and now includes nearly 450 employees across technology, customer service, design, and data science.
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