Nequi, DaviPlata, and MOVii Dominate Colombia’s Neobanking Market but New Challengers Emerge

Colombia’s banking sector is undergoing a profound transformation, driven by increased adoption of digital banking and the rise of neobanks.

Neobanks are relatively new players in the industry that operate entirely online. These companies offer similar financial products and services to traditional banks but with a sharp focus on convenience, flexibility, and accessibility. They use digital technologies to provide seamless and frictionless banking experiences, often with no fees or low fees, and leverage data analytics and artificial intelligence (AI) to deliver personalized financial services.

In recent years, neobanks have seen significant growth, a momentum which aligns with Colombia’s rising financial penetration, which climbed from 67.2% in 2012 to 92.3% in 2022, according to Spanish banking group BBVA. This growth has been supported by progressive open finance regulation, aimed at promoting financial inclusion, competition, and innovation, along with infrastructure modernization initiatives, such as instant payments, which has further boosted digital transactions and fintech adoption.

Competition, however, is intensifying. Traditional banks are launching their own digital platforms, while international players move in to capture a share of Colombia’s booming digital banking landscape.

Colombia’s neobanking leaders

Nequi currently stands as the market leader in Colombia’s neobanking sector, with more than 24 million users. Nequi is a digital platform that offers a wide range of financial and non-financial services, allowing users to pay with the Nequi Card, bring in dollars through PayPal, pay for utilities, top up their cell phones, receive money from abroad, purchase insurance or a bus ticket, and much more.

Its latest product, Nequi Negocios, is designed to empower small businesses by turning smartphones into payment terminals, enabling card payments via NFC, payment links for social media sales, and QR-code interoperability. The service has already attracted more than 111,000 entrepreneurs in Antioquia, primarily young entrepreneurs.

Nequi recorded over 13 million users in H1 2025, with more than 503,000 loans disbursed in 2024. On June 28, 2024, the platform set a record, processing 66 million transactions in a single day.

Nequi was initially launched in 2016 as a digital initiative of Bancolombia before becoming an independent entity in 2022.

Following closely Nequi is DaviPlata, with 19 million customers. DaviPlata is a mobile banking and digital wallet service operated by Davivienda, one of Colombia’s largest banks. It allows users to send and receive money, pay bills, recharge mobile phones, and make purchases directly from their smartphones without needing a traditional bank account. It also supports cash withdrawals and deposits at authorized locations, enhancing convenience and accessibility.

DaviPlata has expanded into the small business segment through its Mi Negocio service. This service has grown rapidly, boasting 2.7 million users, among which entrepreneurs, freelancers, and microbusiness owners.

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In third place is MOVii, with four million customers. Founded in 2018, MOVii is a fully digital financial platform designed to promote financial inclusion, catering especially to unbanked populations and marginalized groups, such as Venezuelan refugees, who often face challenges accessing conventional banking services. The platform offers a digital wallet through its mobile application, allowing users to manage their finances entirely from their smartphones. Users can send and receive money, pay bills, and recharge mobile phones.

MOVii also offers a prepaid Mastercard that can be used for online and in-store purchases both in Colombia and internationally, and provides financial services such as microloans, and remittances, enabling Colombians to receive money from abroad quickly and cost-effectively.

Finally, at the fourth position is Nubank, with 3.4 million customers in Colombia.

Nubank is one of the largest digital financial services platforms in the world, serving a total of 122.7 million customers across Brazil, Mexico, and Colombia. It offers no-fee accounts, international credit cards, personal loans, and insurance, leveraging proprietary technology and data to design innovative, user-friendly products.

Nubank has earned multiple awards, including Time 100 Most Influential Companies, Fast Company’s Most Innovative Companies, and Forbes World’s Best Banks. In Brazil, the central bank ranks Nubank as the third largest financial institution by number of customers.

Newcomers and growing challengers

While these market leaders are holding significant ground, a wave of newcomers is challenging their dominance.

RappiPay, a joint venture between Colombian super-app Rappi and Davivienda, is rapidly gaining traction. Initially launched as a digital wallet in 2019, it secured regulatory approval as a digital bank in 2022. Today, RappiPay has about 800,000 users, 215,000 distributed credit cards, and 300,000 savings account customers, according to media outlets Reuters and Bloomberg, leveraging Rappi’s vast e-commerce ecosystem to offer digital payments, debit cards, working capital, and more.

Another rising contender is Lulo Bank. Founded in 2019 and backed by Grupo Gilinski, Lulo Bank was the first Colombian neobank authorized to operate entirely without physical branches. Today, the company boasts 650,000 customers in Colombiaf and is growing by nearly 20,000 each month. Its payroll account service, Lulo Pro, already serves 30,000 users and combines traditional savings benefits with cashback and cryptocurrency investment options.

Lulo Bank is preparing to launch credit cards to the wider public in September 2025, following a successful pilot phase during which it issued more than 10,000 cards to active users, Bloomberg Linea reported in July. It’s also planning to expand into insurance.

Lulo Bank expects to reach profitability this year.

Uala, the Argentine fintech unicorn founded in 2017, has also entered the Colombian market. The company boasts more than 8 million customers across Argentina, Mexico, and Colombia, offering a digital wallet, savings accounts, Mastercard debit cards, and Uala Bis, a low-cost payment terminal that allows businesses to collect payments using payment links and a mobile device. Uala relies on UalaScore, a credit scoring model that employs AI to personalize financial products based on sociodemographic, transactional, and usage data.

Finally, Britain’s neobanking giant Revolut has also set its sight on Colombia, announcing in October 2024 expansion plans into the country. Valued at US$45 billion and serving more than 60 million customers worldwide, Revolut is entering the Colombian market with an initial offering that includes instant international money transfers, multi-currency accounts, smart budgeting tools, and credit products.

Revolut’s expansion into Colombia marks its fourth market in the Americas after Brazil, Mexico, and the US.