Nubank founder to invest billions in Colombia, advocates for financial reform
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David Velez, founder and CEO of Nubank and a native of Medellin, Colombia, announced plans to invest US$1.58 billion in Colombia from 2026 to 2030.
Velez made the announcement with Marcela Torres, Nu Colombia’s General Manager, and Gabriel Santos, President of Colombia Fintech, stating Nubank intends to maintain a long-term presence in the country.
Nubank entered Colombia in 2021 and has expanded its services beyond initial credit card offerings to include savings accounts and fixed-term deposits, now totaling over US$3.49 billion. The company reports it gained five million customers in five years, many of whom previously lacked access to credit, and aims to become a leading financial institution in Colombia. The investment will support development of data and artificial intelligence platforms, new financial services, team expansion, and responsible growth.
Currently, Nubank holds approximately 10% of Colombia’s credit card market and 7% of individual deposits, reaching 6 million customers, roughly 14% to 15% of the adult population. Velez also urged Colombia to eliminate its usury rate, arguing it hinders financial inclusion by limiting lending to higher-risk individuals and driving people to unregulated, high-interest lenders. He suggested either separate usury limits for different credit products or complete elimination of the cap.
