Nubank prepares full launch into Colombia

LatamListNubank, Brazil’s leading neobank, is laying the groundwork for a launch into Colombia. Colombia will be the bank’s fourth market in the region after announcing plans to enter Argentina last year.

So far in 2020, Nubank launched its credit card into Mexico and acquired two companies; Cognitect, a US software firm, and Easynvest, a brokerage platform. The neobank also tripled its revenue in the first half of 2020.

Nubank is not registered with the SIC (Superintendency of Industry and Commerce) in Colombia. However, the fintech registered as a company in Colombia under the name Nu Colombia SA in 2019. According to La Republica, the bank is reportedly working closely with two legal teams in Colombia to support them ahead of launch.

Only 38% of adults over the age of 15 have a bank account in Colombia, which is Latin America’s fourth-largest market. That said, it is likely that the company will progress operations in Argentina before fully launching into Colombia.

As it stands, Nu Colombia is registered to provide financial services excluding insurance and pension activities, purchases, factoring, and other professional, scientific and technical activities.

Read more on La Republica.

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