Nu Colombia Doubles Customer Base to 4 Million in One Year

Reuters12-02
Nu Colombia Doubles Customer Base to 4 Million in One Year

Nu Holdings Ltd. announced that its Colombian subsidiary, Nu Colombia, has reached 4 million customers, doubling its user base over the past 12 months. This milestone comes four years after the launch of its first product in the country. Nu Colombia now offers three credit card options, a savings account with Cajitas (Money Box) functionality, five Certificate of Deposit $(CDT)$ options, and personal loans. The company reports that its products now reach 10% of the adult Colombian population and that it has achieved a 10x customer growth rate over the last four years. Nu Colombia has full national coverage, with users in all of Colombia's departments and more than 95% of its municipalities. The volume of deposits in Cuenta Nu grew by over 841% in one year, making Nu one of the five largest financial institutions in Colombia by deposits. The company has delivered more than $760 billion Colombian pesos in returns to customers through its account and CDTs, with 66% of users utilizing the Cajitas feature and 11% investing in CDTs.

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