On August 31, 2026, Colombia's financial regulator, the Superintendencia Financiera, signed Resolution 1264. With it, Revolut Bank Colombia S.A. was cleared to operate as a bank. The company announced it on September 15 and says it will open between late 2026 and early 2027.
According to Revolut, it is its sixth banking license worldwide. In Colombia, it is the first digital bank built from scratch since Lulo Bank in 2021.
But Revolut is not walking into an empty market. Nu, Nequi, Lulo Bank, RappiPay, Ualá, Addi, Bold and MOVii have spent years fighting for Colombians' accounts and cards. So we did what any risk team would do before entering a business: we checked the public record. The regulator's resolutions, the filings and financials in RUES (Colombia's business registry) and the cases in the Rama Judicial, the court system. All of it queried with Croma.
- Oct 6, 2025Authorization to incorporate (Res. 1859)
- Oct 23, 2025Registered with the Bogotá Chamber of Commerce
- Aug 31, 2026Operating license (Res. 1264)
- Sep 15, 2026Public announcement
- From incorporation to license
- 329 days
- Starting capital
- COP 146.4 billion
- 2025 profit, with no customers
- COP 486 million
- Court cases
- 0
Sources: Superintendencia Financiera, RUES, Rama Judicial. Queried with Croma on Sep 16, 2026.
What we found, in five lines#
- Revolut got its license in 329 days. Lulo Bank, the other digital bank built from scratch, took 499.
- It started with COP 146.4 billion in capital. That is five times what Nu, RappiPay or Ualá put in at launch.
- Nu is the giant. It started with COP 27.8 billion and closed 2025 with COP 11.08 trillion in assets.
- Growth is expensive. Nu reported a COP 236.1 billion loss for 2025. Lulo Bank reported one of COP 48 billion.
- The courts tell the rest. Nu appears in 792 cases, and about half are insolvencies of its own customers. Revolut appears in none.
Three licenses, three businesses#
Before comparing, one thing matters: not every fintech holds the same license, and the license decides what it can do.
- Revolut2026
- Lulo Bank2021
- Nu2023
- Nequi2025
- RappiPay2022
- Ualá2021
- Addi2026
- Bold2023
- Mercado Pago2023
- Plata2026
- KOA2025
- Storipending
- Cobrepending
- MOVii2017
- dale!
- Global662021
- Coink2019
- Powwi2018
Source: Superintendencia Financiera. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | License | Operating license |
|---|---|---|
| Revolut (Revolut Bank Colombia S.A.) | Bank | Aug 31, 2026 (Res. 1264) |
| Lulo Bank (Lulo Bank S.A.) | Bank | Jun 10, 2021 (Res. 0542) |
| Nu (Nu Colombia Compañía de Financiamiento S.A.) | Financing company | Dec 28, 2023 (Res. 2324) |
| Nequi (Nequi S.A. Compañía de Financiamiento) | Financing company | Oct 31, 2025 (Res. 2002) |
| RappiPay (RappiPay Compañía de Financiamiento S.A.) | Financing company | Jun 14, 2022 (Res. 0696) |
| Ualá (Bancar Tecnología CO S.A. Compañía de Financiamiento) | Financing company | Dec 17, 2021 (Res. 1522) |
| Addi (Addi S.A. Compañía de Financiamiento) | Financing company | Mar 26, 2026 (Res. 0509) |
| Bold (Bold CF Compañía de Financiamiento S.A.) | Financing company | Jul 25, 2023 (Res. 1061) |
| Mercado Pago (MercadoPago S.A. Compañía de Financiamiento) | Financing company | Jun 28, 2023 (Res. 0899) |
| Plata (Plata S.A. Compañía de Financiamiento) | Financing company | Jul 3, 2026 (Res. 0983) |
| KOA (KOA Compañía de Financiamiento S.A.) | Financing company | May 13, 2025 (Res. 0951) |
| MOVii (Movii S.A.) | E-money company (SEDPE) | Dec 11, 2017 (Res. 1713) |
| Global66 (Global Colombia 81 S.A.) | E-money company (SEDPE) | Jul 30, 2021 (Res. 0810) |
| Coink (Coink S.A.) | E-money company (SEDPE) | Jun 21, 2019 (Res. 0794) |
| Powwi (Pagos GDE S.A.) | E-money company (SEDPE) | Jul 25, 2018 (Res. 0943) |
| dale! (Aval Soluciones Digitales S.A.) | E-money company (SEDPE) | Incorporation: Oct 9, 2017 (Res. 1359) |
| Stori (Stori S.A. Compañía de Financiamiento) | Financing company | pending |
| Cobre (Cobre Financial S.A. Compañía de Financiamiento) | Financing company | pending |
Revolut asked for the most demanding one. Nu, five years in Colombia and with more than 5 million customers, is still a financing company.
The race for a license#
In Colombia a financial institution is born in two steps. First the regulator authorizes its incorporation. Then, once the company proves it has the capital, the team, the technology and the controls, it issues the certificate of authorization. That is the license to operate.
- UaláCF
Jun 30, 2021 → Dec 17, 2021
170 days - Global66SEDPE
Sep 30, 2020 → Jul 30, 2021
303 days - RappiPayCF
Aug 2, 2021 → Jun 14, 2022
316 days - RevolutBank
Oct 6, 2025 → Aug 31, 2026
329 days - PlataCF
Jul 25, 2025 → Jul 3, 2026
343 days - CoinkSEDPE
Jun 6, 2018 → Jun 21, 2019
380 days - PowwiSEDPE
Apr 7, 2017 → Jul 25, 2018
474 days - Lulo BankBank
Jan 28, 2020 → Jun 10, 2021
499 days - NuCF
Aug 5, 2022 → Dec 28, 2023
510 days - AddiCF
Oct 11, 2024 → Mar 26, 2026
531 days - KOACF
Nov 10, 2023 → May 13, 2025
550 days - BoldCF
Jun 30, 2021 → Jul 25, 2023
755 days - Mercado PagoCF
Nov 30, 2020 → Jun 28, 2023
940 days - NequiCF
Jul 6, 2022 → Oct 31, 2025
1,213 days
Stori and Cobre were authorized to incorporate on Dec 16, 2025 and are still waiting for their license (274 days).
Source: Superintendencia Financiera. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | Incorporation | Licence | Days |
|---|---|---|---|
| Ualá | Jun 30, 2021 (Res. 0628) | Dec 17, 2021 (Res. 1522) | 170 |
| Global66 | Sep 30, 2020 (Res. 0873) | Jul 30, 2021 (Res. 0810) | 303 |
| RappiPay | Aug 2, 2021 (Res. 0817) | Jun 14, 2022 (Res. 0696) | 316 |
| Revolut | Oct 6, 2025 (Res. 1859) | Aug 31, 2026 (Res. 1264) | 329 |
| Plata | Jul 25, 2025 (Res. 1452) | Jul 3, 2026 (Res. 0983) | 343 |
| Coink | Jun 6, 2018 (Res. 0712) | Jun 21, 2019 (Res. 0794) | 380 |
| Powwi | Apr 7, 2017 (Res. 0546) | Jul 25, 2018 (Res. 0943) | 474 |
| Lulo Bank | Jan 28, 2020 (Res. 0085) | Jun 10, 2021 (Res. 0542) | 499 |
| Nu | Aug 5, 2022 (Res. 1023) | Dec 28, 2023 (Res. 2324) | 510 |
| Addi | Oct 11, 2024 (Res. 2036) | Mar 26, 2026 (Res. 0509) | 531 |
| KOA | Nov 10, 2023 (Res. 1921) | May 13, 2025 (Res. 0951) | 550 |
| Bold | Jun 30, 2021 (Res. 0629) | Jul 25, 2023 (Res. 1061) | 755 |
| Mercado Pago | Nov 30, 2020 (Res. 1050) | Jun 28, 2023 (Res. 0899) | 940 |
| Nequi | Jul 6, 2022 (Res. 0843) | Oct 31, 2025 (Res. 2002) | 1,213 |
Revolut made that trip in 329 days. It is the fastest bank on the list, and only three companies, none of them a bank, did it faster: Ualá, Global66 and RappiPay.
At the other end is Nequi, with 1,213 days between one resolution and the next. To be fair, it kept running inside Bancolombia the whole time.
2026 is shaping up as the year of licenses. Addi got its license in March, Mexico's Plata in July and Revolut in August. Stori, also from Mexico, and Cobre have been waiting since December 2025.
The capital they started with#
- NequiCFCOP 150.0 billion
- RevolutBankCOP 146.4 billion
- Lulo BankBankCOP 105.0 billion
- CobreCFCOP 46.9 billion
- AddiCFCOP 38.0 billion
- BoldCFCOP 28.5 billion
- RappiPayCFCOP 28.0 billion
- UaláCFCOP 28.0 billion
- NuCFCOP 27.8 billion
- Mercado PagoCFCOP 25.9 billion
- Global66SEDPECOP 10.2 billion
- dale!SEDPECOP 10.0 billion
- PowwiSEDPECOP 7.5 billion
- CoinkSEDPECOP 7.1 billion
- MOViiSEDPECOP 6.8 billion
Source: RUES. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | Year | Starting capital |
|---|---|---|
| Nequi | 2022 | COP 150.0 billion |
| Revolut | 2025 | COP 146.4 billion |
| Lulo Bank | 2020 | COP 105.0 billion |
| Cobre | 2026 | COP 46.9 billion |
| Addi | 2024 | COP 38.0 billion |
| Bold | 2021 | COP 28.5 billion |
| RappiPay | 2021 | COP 28.0 billion |
| Ualá | 2021 | COP 28.0 billion |
| Nu | 2022 | COP 27.8 billion |
| Mercado Pago | 2021 | COP 25.9 billion |
| Global66 | 2020 | COP 10.2 billion |
| dale! | 2017 | COP 10.0 billion |
| Powwi | 2017 | COP 7.5 billion |
| Coink | 2018 | COP 7.1 billion |
| MOVii | 2017 | COP 6.8 billion |
This is where the license shows. A bank needs far more capital than a financing company. That is why Revolut and Lulo Bank started with more than COP 100 billion, while Nu, RappiPay, Ualá and Bold started with around COP 28 billion. Nequi is the exception: it started with COP 150 billion, with Bancolombia behind it.
And Revolut is not stopping there. Along with the license, it announced an additional investment of COP 200 billion.
A curious detail from its first registry filing: at the end of 2025 Revolut had no operating revenue, yet it booked a COP 486 million profit. It did not come from customers, because it had none. It came from other income.
How big they are now#
- NuCF
Started with COP 27.8 billion · 399x
COP 11.08 trillion - Lulo BankBank
Started with COP 105.0 billion · 14.7x
COP 1.54 trillion - RappiPayCF
Started with COP 28.0 billion · 17.8x
COP 499.0 billion - BoldCF
Started with COP 28.5 billion · 14.5x
COP 414.6 billion - MOViiSEDPE
Started with COP 6.8 billion · 32.7x
COP 223.8 billion - Global66SEDPE
Started with COP 10.2 billion · 18.6x
COP 189.1 billion - UaláCF
Started with COP 28.0 billion · 6.3x
COP 177.4 billion - RevolutBank
Started with COP 146.4 billion · not operating yet
COP 147.1 billion
Source: RUES. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | Assets 2025 | Starting capital | Multiple |
|---|---|---|---|
| Nu | COP 11.08 trillion | COP 27.8 billion | 399x |
| Lulo Bank | COP 1.54 trillion | COP 105.0 billion | 14.7x |
| RappiPay | COP 499.0 billion | COP 28.0 billion | 17.8x |
| Bold | COP 414.6 billion | COP 28.5 billion | 14.5x |
| MOVii | COP 223.8 billion | COP 6.8 billion | 32.7x |
| Global66 | COP 189.1 billion | COP 10.2 billion | 18.6x |
| Ualá | COP 177.4 billion | COP 28.0 billion | 6.3x |
| Revolut | COP 147.1 billion | COP 146.4 billion | 1.0x |
Nu plays in another league. Its assets at the end of 2025 were 399 times the capital it started with and more than seven times Lulo Bank's, the second on the list. Lulo Bank, RappiPay and Bold grew between 14 and 18 times.
Nequi is not on this chart for a reason: until September 1, 2026 it operated inside Bancolombia. Its 28.8 million registered users do not show up yet in the numbers of its financing company.
Who makes money and who loses it#
- Nu-COP 236.1 billion
- Lulo Bank-COP 48.0 billion
- RappiPay-COP 19.8 billion
- RevolutCOP 486 million
- MOViiCOP 7.5 billion
Source: RUES. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | 2025 result |
|---|---|
| Nu | -COP 236.1 billion |
| Lulo Bank | -COP 48.0 billion |
| RappiPay | -COP 19.8 billion |
| Revolut | COP 486 million |
| MOVii | COP 7.5 billion |
Growing this fast costs money. Nu reported a COP 236.1 billion loss for 2025 while multiplying its size. Lulo Bank lost COP 48 billion and cut its loss to COP 14.8 billion in the first half of 2026. RappiPay lost COP 19.8 billion.
The ones making money run a different model. MOVii, which as an e-money company cannot lend, earned COP 7.5 billion from deposits and payments.
What the courts say#
Financial statements tell you how much each fintech earns. Court records tell you what happens to its customers.
- Lulo BankBank
The only one that mostly sues: it collects its loans
over 1,000 - NuCF
2025: 249 · 2026: 515
792 - NequiCF
2025: 80 · 2026: 104
299 - RappiPayCF
2025: 77 · 2026: 90
216 - AddiCF
2025: 76 · 2026: 94
182 - Mercado PagoCF53
- MOViiSEDPE24
- Global66SEDPE17
- UaláCF14
- BoldCF7
- CoinkSEDPE7
- RevolutBank
No customers yet
0
Source: Rama Judicial. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | Cases | As defendant | Filed in 2025 | Filed in 2026 |
|---|---|---|---|---|
| Lulo Bank | over 1,000 | |||
| Nu | 792 | 760 | 249 | 515 |
| Nequi | 299 | 279 | 80 | 104 |
| RappiPay | 216 | 211 | 77 | 90 |
| Addi | 182 | 178 | 76 | 94 |
| Mercado Pago | 53 | 51 | 9 | 7 |
| MOVii | 24 | 22 | 4 | 5 |
| Global66 | 17 | 14 | 5 | 10 |
| Ualá | 14 | 13 | 10 | 3 |
| Bold | 7 | 7 | 0 | 6 |
| Coink | 7 | 7 | 1 | 0 |
| Revolut | 0 | 0 | 0 | 0 |
At first glance Nu is the most sued: it appears in 792 cases and is a defendant in 760. So far in 2026 it has 515 new cases, more than double the 249 of all of 2025.
But the number misleads if you do not open the files. In 547 of those cases Nu appears next to two or more other lenders. We reviewed 30, and 21 were personal insolvencies: someone who cannot pay their debts and names every creditor. In those, Nu is not being sued by an angry customer. It is standing in line waiting to be paid.
In the rest of its cases the story changes: of 30 we reviewed, 20 were tutelas, the fast-track constitutional claims Colombians file to protect a right.
21 of 30 cases where Nu appears alongside two or more other lenders are personal insolvencies. Nu is one of the creditors.
15 of 25 cases against Nequi that we reviewed are tutelas, Colombia's fast-track rights claims.
15 of 25 cases Lulo Bank filed are collection suits over unpaid loans.
Source: Rama Judicial. Queried with Croma on Sep 16, 2026.
Show the data
| Entity | Sample | Finding |
|---|---|---|
| Nu | 21 of 30 | cases where Nu appears alongside two or more other lenders are personal insolvencies. Nu is one of the creditors. |
| Nequi | 15 of 25 | cases against Nequi that we reviewed are tutelas, Colombia's fast-track rights claims. |
| Lulo Bank | 15 of 25 | cases Lulo Bank filed are collection suits over unpaid loans. |
Each fintech leaves a different footprint in the courts, and that footprint tells you what business it is in:
- The lenders, like Nu and RappiPay, show up mostly in insolvencies. For RappiPay it was 14 of 20.
- The ones holding people's money, like Nequi, get tutelas. Of 25 cases against Nequi that we reviewed, 15 were tutelas.
- Lulo Bank is the only one that mostly sues. It has more than 1,000 cases, so we checked 40 municipal civil courts in Bogotá. Of 121 cases, it was the plaintiff in 74, and of the 25 we read, 15 were collection suits over unpaid loans.
- Revolut appears in none. It has no customers yet to sue it or to collect from.
What this means#
For banks, a competitor arrives that says it has more than 80 million customers worldwide and starts with more capital than almost every local fintech. The fight for savings accounts and cards is about to get harder.
For credit and risk teams, personal insolvencies are recorded in the court system with the name of every creditor. Whoever watches them learns which customers have gone insolvent even while those customers are still current with them.
For anyone investing in or partnering with a fintech, everything you read here is public. Resolutions, financials and court cases can be pulled by tax ID or by name in minutes, not weeks.
How we did this analysis#
- Licenses. We searched each company's resolutions in the Superintendencia Financiera regulations. We counted the days between the resolution authorizing incorporation and the one authorizing operations.
- Capital, assets and results. They come from RUES, queried by tax ID (NIT). These are the figures each company declared when it renewed its commercial registration: starting capital is from the year it registered, and the 2025 figures come from the 2026 renewal. We only used figures that match published financial statements or whose line items add up. The official statements of these institutions are filed with the Superintendencia Financiera.
- Court cases. We searched each legal name in the Rama Judicial as a legal entity, went through every page of results and counted each case number once, leaving out private cases. For Addi and Mercado Pago we included the companies they operated through before their license. If a court spelled the name differently, the case does not show up, so these counts are a floor.
- Case type. For Nu, RappiPay, Nequi and Lulo Bank we read the docket entries of a sample of cases and classified them as insolvency, tutela or collection suit.
- Cutoff. September 16, 2026. Customer counts, investments and launch dates come from each company's announcements and the press. Amounts are in Colombian pesos (COP).
You can run any of these lookups yourself for free: company by NIT in RUES, court cases by name and case by number. If you want to do it for your whole portfolio, the Croma API does it for you.
Frequently asked questions#
Is Revolut a bank in Colombia?#
Yes. Revolut Bank Colombia S.A., NIT 902.002.134-1, received its operating license from the Superintendencia Financiera through Resolution 1264 of August 31, 2026. Its incorporation had been authorized by Resolution 1859 of October 6, 2025.
When does Revolut start operating in Colombia?#
The company has said it expects to open between late 2026 and early 2027. Before that it has to connect to Banco de la República, the central bank, and to the payment networks.
Is Nu (Nubank) a bank in Colombia?#
No. Nu Colombia is a financing company. It received its license through Resolution 2324 of December 28, 2023.
What is the difference between a bank, a financing company and a SEDPE?#
A bank can offer almost every financial product, checking accounts included, and it is the license that requires the most capital. A financing company takes savings and lends, mostly consumer credit. A SEDPE holds electronic deposits and moves payments, but it cannot lend.
How many banks are there in Colombia?#
The Superintendencia Financiera lists 30 banks as of September 2026. Revolut Bank Colombia will be number 31 once it joins the list.