Colombian fintech platform Nequi has announced its intention to enter the cryptocurrency business after parting ways with its founding bank, Bancolombia. The neobank, which serves over 10 million customers, is currently seeking regulatory approval to become an independent financial company, paving the way for new services including crypto trading and other digital asset offerings.
Independence and Crypto Strategy
The announcement was made by Nequi’s CEO, Cipriano Lopez, during a webinar with Credicorp Capital. Lopez stated that Nequi wants to make a direct entry into the crypto market, with compliance being its first concern. "We are awaiting regulatory approval to become an independent financial entity, and only then can we implement the improvements and new plans we envision," Lopez explained. These changes are expected to be executed in Q3 2022, with the separation from Bancolombia acting as a catalyst for the new phase of financial products.
Pandemic-Driven Growth and Diversification
Nequi managed to grow enormously even during the pandemic, gaining over 4 million new customers due to its all-digital business model. The inclusion of cryptocurrency is part of a broader strategy to keep expanding its user base and achieve profitability. Beyond crypto, the app plans to introduce services allowing Colombians to top up public transportation cards, purchase event tickets, and more. Lopez expressed confidence that the company will become profitable in the coming months, although it has not yet reached profitability despite receiving government subsidies for its digital nature.
Colombia’s Crypto Landscape
Colombia is increasingly seen as a growing crypto hub in Latin America. Mexico-based exchange Bitso announced its expansion into the country in February 2022, signaling rising interest from regional players. Nequi’s entry is expected to further accelerate crypto adoption, particularly among underbanked populations. However, the company must operate within the regulatory framework set by Colombia’s Financial Superintendence (SFC), which has established limits for digital asset businesses.
With its user base now exceeding many traditional banks in Colombia, Nequi is positioning itself as a gateway to integrate cryptocurrencies with everyday financial services. The coming months will reveal how its independence process and crypto rollout unfold under regulatory scrutiny.