Business

Nubank launches in Colombia and will invest $150 million for the next eight years

Colombians can already register on the waiting list to order Nu's card

David Vélez, founder and CEO of Nubank.
David Vélez, founder and CEO of Nubank. Photo: Nubank/Courtesy
  • The local operation is led by Catalina Bretón;
  • The company will create a hub of technology, data science and design in Bogotá.

Nubank officially announced its arrival in Colombia, saying that it will invest $150 million for the next eight years in the country. Under the name Nu Colombia, the company will create a hub of technology, data science and design in Bogotá.

READ ALSO: Brazilian Nubank to arrive in Colombia soon, says La República

The local operation is led by Catalina Bretón, former manager of Wingo, in the role of General Manager. She stated that: “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.”

READ ALSO: Argentine fintech Ualá begins its expansion across Latin America with the launch of operations in Mexico

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

David Vélez, CEO and founder of Nubank

Nubank’s first product in Colombia is its contactless fee-free purple Mastercard credit card which will hit the Colombian market in the upcoming months. There is already an online waiting list for Colombians to apply and order the card. 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. 

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