Nequi is a mobile‑first digital banking platform in Colombia that lets users open a free, phone‑linked account to manage everyday finances such as payroll receipt, bill payments, peer‑to‑peer transfers, and foreign remittances without fees or minimum balances. The app also offers a no‑fee Visa debit card (virtual or physical), short‑term credit, investment options, and a business solution for merchants to accept payments and separate cash flows, all backed by FOGAFIN insurance.
Funding
$130M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many consumers in Colombia lack a simple, low‑cost way to manage everyday financial tasks—such as receiving salaries, paying bills, sending money, and accessing foreign currency—without visiting a bank branch or paying high fees.
Solution
Nequi offers a mobile‑first digital banking platform that lets users open a free account linked to their phone number. The app provides a low‑limit deposit account and an unlimited‑balance savings account, both protected by FOGAFIN insurance. Users can receive payroll, send and receive transfers instantly, pay utilities, purchase insurance (SOAT), and buy foreign currency or digital dollars directly from the app. A Nequi Visa debit card—available in virtual or physical form—enables contactless and online purchases without monthly fees. Additional services include short‑term credit, a business version for merchants, and an integrated financial‑education hub, all accessible 24/7 from a smartphone.
Target Audience
Nequi targets Colombian individuals aged 18 + who need a convenient, fee‑free digital wallet for everyday transactions, as well as small businesses and freelancers requiring a simple payment and cash‑management solution.
Features
- Free account creation using only a mobile number; no minimum balance required
- Deposit of low amount with monthly movement cap of $11,024,727.50 COP and optional upgrade to unlimited‑balance savings account
- Instant peer‑to‑peer transfers, bill payments, mobile top‑ups, and SOAT purchases within the app
- Integrated receipt of salaries, pensions, and foreign remittances via links, PayPal, Payoneer, or direct transfers
- Nequi Visa debit card (virtual and physical) with contactless, online, and international purchase capabilities, no handling fees
- Access to short‑term credit offers and investment options such as digital dollars and stock trading through partner platforms
- Business solution (Nequi Negocios) for merchants to accept payments, separate personal and business funds, and manage cash flow
- Financial‑education content and tools for budgeting, goal setting, and currency diversification