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British digital bank Revolut has won the first green light from Colombian regulators to set up a local bank, setting the stage for a showdown with Nubank, the Brazilian fintech giant that’s become a household name across Latin America.
The authorization — known formally as the Autorización de Constitución — came from Colombia’s Financial Superintendence (SFC) this week. It’s the first of two hurdles Revolut must clear before it can actually open its doors. The second, a Licencia de Funcionamiento, will depend on proving that its systems, governance and risk frameworks meet the regulator’s bar.
For now, the approval lets Revolut begin assembling its local operations, recruiting staff, and preparing infrastructure for what it says will be a full-fledged bank offering savings accounts, credit cards, and cross-border transfers by 2026. The company pledged COP 146 billion (around $37 million) in startup capital for the venture — a serious commitment for a market that’s already crowded with homegrown digital wallets.
“Colombia has one of the most dynamic financial sectors in the region,” said Diego Caicedo, Revolut’s designated local chief, in a statement. “This approval is the first step toward offering Colombians more choice and better digital financial experiences.”
Revolut, founded in 2015 in London, has been testing the waters in Latin America for years. It launched in Brazil in 2023, secured a banking license in Mexico in 2024, and agreed to acquire Cetelem Argentina from BNP Paribas earlier this year. Colombia now becomes its next major bet — and arguably the toughest, given the entrenched local players.
A Tough Crowd to Face
Revolut isn’t entering an empty market. Colombia already boasts a bustling digital finance scene dominated by Nequi and DaviPlata, mobile wallets spun out of legacy banks that together count more than 40 million users.
Then there’s Nubank, Revolut’s clear regional rival and the company it will be measured against. Founded in 2013 by Colombian-born David Vélez in São Paulo, Nubank now serves more than 120 million customers across Brazil, Mexico, and Colombia — making it one of the largest digital banks in the world.
In Colombia, Nubank has been growing steadily since its 2020 debut. Its bright purple credit cards became a status symbol for young professionals, and its Cuenta Nu savings account — launched last year with a striking 13% annual yield — has helped it attract billions in deposits. By mid-2025, the bank reported roughly 3.4 million Colombian customers and $2.1 billion in deposits.
“Eighty-four percent of Colombians have savings goals, but 60% can’t save as much as they’d like,” said Marcela Torres, Nubank Colombia’s general manager, in an interview earlier this year. “We want to make saving effortless.”
Same Arena, Different Game
Despite the parallels, Revolut and Nubank play by different financial rulebooks. Nubank’s business thrives on credit — lending and interest income make up most of its revenue. Revolut, meanwhile, relies more on payments, subscriptions, and foreign-exchange fees, reflecting its European DNA as a cross-border finance app before it became a bank.
That model could appeal to Colombia’s growing middle class, particularly freelancers and small businesses frustrated by transfer fees and rigid banking structures. But it will also test Revolut’s ability to localize its product in a country where fintech adoption is already mature.
Revolut’s global base of 65 million customers gives it reach, but winning hearts in Colombia means going beyond glossy UX. It must plug into Bre-B, the central bank’s new instant-payments network launching later this year, and compete with local apps embedded in daily spending habits.
Revolut’s push into Colombia is part of a wider Latin American expansion drive, fueled by the region’s young population and smartphone penetration. But it’s also a calculated race against Nubank’s momentum.
For now, Nubank has the advantage — deep pockets, brand recognition, and a head start. Revolut’s arrival, however, raises the stakes. If it can convince regulators and customers alike, Colombia could become its launchpad for broader growth across the Andean markets.
Both companies are betting on a similar promise: that Latin America’s banking future will be built in the cloud, not behind counters.
And as Revolut waits for its final license, the duel is already underway — purple versus silver, São Paulo versus London — in one of Latin America’s most competitive fintech arenas.
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