Nubank, a Brazil-based fintech startup, announced on Wednesday its arrival in Mexico through a new subsidiary company called “Nu.” Nubank reported that this is the first time that it will offer products outside of Brazil. The fintech’s goal is to challenge the complexity of the financial system and empower Mexicans with a transparent, humane and easy-to-use experience. While sharing more details about the expansion, David Vélez, Founder and CEO of Nubank, stated:
“Nubank drove a financial revolution six years ago, and has changed the industry in Brazil for good, expanding competition and offering better services to millions of consumers. We are finally taking the next step by spreading our revolution to new markets, and we see a great opportunity in Mexico. We’ve been studying the Mexican financial system for a few years and we heard from a lot of customers about the challenges and headaches they face with existing services. These services have forgotten to put the consumer at the center of their strategy and their products. On top of that, more than 36 million Mexicans currently don’t have any access to the bank system – and we want to contribute for this situation to change.”
As previously reported, Nubank was founded in 2013 and is committed to fighting complexity and empowering Brazilians to take control of their finances. More than eight million consumers have applied for Nubank’s mobile-controlled credit card since its launch in September 2014.
Since 2017, Nubank has a technology hub in Berlin, Germany, focused on infrastructure and data engineering. In total, the company now has 1,500 employees from 25 nationalities, including French, Canadians, Australians, Americans, Dutch, and Mexicans.