Nu Colombia is Nubank’s fastest-growing market

Bogotá, March 2023 – Nu Colombia, Nubank’s subsidiary in the country, was the market with the highest growth percentage among those operated by the company. By the end of 2022, it already had 565 thousand clients in the country, representing a 4x year-on-year growth.

The company had an annual growth rate higher than any other financial institution, compared to all entities regulated by the Superintendencia Financiera de Colombia, and also issued the most significant number of net credit cards according to data from this same institution at the end of 2022. Since the beginning of its operation, Nu Colombia has had more than 500 thousand customers inviting others to have La Moradita through its referral plan and continues to maintain an NPS close to 90, well above the industry average.

Nu already has customers in 100% of the Colombian departments and nearly 80% of the municipalities. Thanks to technology, people in places like Uribia can now access financial services. By the end of 2022, Nu had made more than 10 million transactions with La Moradita, Nu’s first product in Colombia, and so far this year, this figure has reached almost 5 million.

“Nu Colombia has achieved a significant growth path in all indicators, reiterating the company’s potential in the country and setting the path for what is to come in terms of strength and expansion of the product portfolio. In Brazil, our main market, in just a decade, we have become the fifth largest institution in terms of the number of active clients and the sixth largest in Latin America,” said David Vélez, CEO of Nubank, who added: “We believe that with the performance we have achieved in just two years, Colombia and Mexico can be as relevant as this operation.”

It is worth highlighting that in January, Nu Colombia announced that the company had obtained a loan with the IFC for up to USD$150M, intended to expand access to credit and boost the growth of its operations in the country. It also received formal approval in 2022 to incorporate a financing company in the country and is obtaining a second license.