Nequi, a Colombian fintech and neobank platform known for its fully digital financial services, is preparing to enter the cryptocurrency business in Colombia. The move is expected to be part of a broader expansion strategy as the company works to become an independent financial platform after separating from Bancolombia, the bank tied to its origins.
The company’s intention was outlined by Nequi CEO Cipriano Lopez during a webinar with Credicorp Capital. According to the remarks cited in the source material, Nequi wants to make a direct move into the crypto market, but only within the boundaries set by current regulators. Compliance, Lopez indicated, is one of the company’s main priorities as it evaluates this next phase of growth.
Crypto Entry Tied to Independence and Regulation
Nequi’s crypto ambitions are closely linked to its corporate restructuring. The platform is currently waiting for regulatory approval to become an independent financial company, a step that would give it more room to implement product upgrades and strategic initiatives. That separation from Bancolombia is described as a key catalyst for the next stage of Nequi’s development.
Rather than positioning crypto as a standalone experiment, Nequi appears to be treating it as one part of a wider transformation of its app and service stack. The company wants to broaden the range of digital financial products it can offer Colombian users, while still operating inside the compliance framework required by local authorities.
Growth During the Pandemic Strengthened the Platform
Nequi’s expansion plans come after a period of rapid growth. The platform reportedly has more than 10 million customers, and its all-digital model helped it gain over 4 million users during the pandemic. That surge highlighted the demand for remote-first financial services in Colombia and strengthened Nequi’s position as a major consumer fintech brand in the country.
The source notes that a new round of app changes was expected to be implemented in Q3 2022. In addition to crypto-related ambitions, Nequi also planned to introduce practical consumer features such as public transportation card top-ups and ticket purchases. These additions were designed to increase day-to-day usage and deepen customer engagement across more spending and payment scenarios.
Profitability Still Ahead
Despite its scale and user growth, Nequi was not yet profitable at the time described in the report. This was the case even though the company had received government subsidies related to its digital nature. Lopez nevertheless expressed confidence that Nequi could become profitable in the coming months, with the new product strategy aimed at helping the company reach that goal.
Part of that strategy includes offering credit to heavy users of the platform, provided they have sufficient liquidity to repay those loans. That suggests Nequi is looking to combine payments, digital banking, and potentially crypto access inside a broader financial super-app model, although the exact structure of any future crypto product was not detailed in the original report.
Colombia’s Appeal as a Growing Crypto Market
Nequi’s interest in crypto also reflects the broader momentum building around Colombia as a digital asset market. The country has increasingly been viewed as a growing crypto hub in Latin America, attracting attention from both fintech firms and exchanges. The source specifically mentions Bitso, the Mexico-based exchange that announced its expansion into Colombia in February.
This backdrop matters because Nequi already operates at significant scale. If it ultimately launches cryptocurrency-related services with regulatory approval, it could bring crypto exposure to a much wider mainstream audience than many specialist platforms can reach on their own. A platform with millions of existing users can potentially accelerate adoption simply by integrating new features into an app people already use for routine financial activity.
Mainstream Fintechs Continue Testing Crypto Integration
Nequi’s plans fit a larger regional and global pattern in which digital banks and fintech apps are evaluating whether cryptocurrencies should become part of their core offerings. For companies with large mobile-first user bases, crypto can serve multiple strategic purposes: attracting younger users, increasing engagement, expanding wallet functionality, and opening the door to new transaction flows.
At the same time, the report makes clear that Nequi’s approach is cautious rather than aggressive. The company is not framing crypto as an immediate rollout unconstrained by oversight. Instead, it is emphasizing regulatory alignment, corporate restructuring, and phased product development. That stance may prove important in a market where adoption is rising, but where compliance remains central to sustainable expansion.
For now, the key factors to watch are whether Nequi secures approval to operate as an independent financial company and how it chooses to structure any crypto-related service once that happens. With 10 million-plus users, a growing menu of digital services, and Colombia’s increasing relevance in the regional crypto landscape, Nequi’s next steps could become a notable case study in how mainstream Latin American fintechs enter the digital asset sector.