Digital Banking: Nu Expands Business Operations in Mexico City with New Offices

Nu officially inaugurated its new office spaces in Mexico City.

With a sprawling space of over 5,000 m² in the Polanco neighborhood, Nu provides a workspace “for more than 1,200 Nubankers who work in a hybrid schedule, alternating between weeks of in-person and remote work based on the needs and preferences of each team.”

Since arriving in the country in 2019, Nu has “invested over $1.3 billion in the operation, with a Social Capital surpassing 12 billion Mexican pesos and a Capitalization Level exceeding 500%, four times above the minimum requirement of 131%.”

Additionally, Nu Holdings is “one of the most highly capitalized companies in the region, with over $2.4 billion in excess cash.” With more than 3.2 million customers “using their credit card and over a million customers with the Cuenta Nu and debit card just weeks after the official launch, Nu is in a robust position to continue revolutionizing personal finance for people in Mexico.”

Iván Canales, General Manager of Nu Mexico, commented:

“These figures provide us with the strength to invest in our business and continue expanding the impact we are having on people’s lives, which is what we are most proud of and what motivates us to keep growing. This is an exciting chapter in our journey, which helps us establish roots to uphold our long-term commitment to Mexicans, so they can regain control over their money and financial lives.”

The space celebrates Mexico and its cultural heritage “while combining technology and innovation, always with the Nu brand present in every detail.”

Canales explained:

“Our brand is one of our most valuable assets that now materialize in this space, which we hope will enhance the Nu experience. We designed these offices from scratch, with a clear vision in mind. We wanted to create an inclusive, disruptive, creative, and innovative work environment that aligns with our values and culture. We wanted a place that encourages productivity, collaboration, and creativity, where our team can continue designing financial products that liberate Mexicans from complexity. In many ways, these offices are very Nu.”

After four years in Mexico and three years of operations in the country, Nu reinforces its long-term commitment “to the country with the new office inauguration.” This will enable Nu to support the organization’s growth “in the coming years as it reaches more and more Mexicans and expands its product portfolio.”

Nu welcomed its co-founder and Chief Growth Officer, Cristina Junqueira, at an inaugural event to mark the occasion.

Junqueira added:

“México is Nubank’s second-largest market, and the growth of Nu Mexico has surpassed both the expectations and the growth achieved in Brazil during its early years of operation. This is due to the tremendous opportunity presented by the Mexican market in terms of financial services penetration, a young population, and connectivity, in addition to leveraging over a decade of Nubank’s experience. We build upon this prior knowledge to develop new products that meet the needs of the Mexican market and its customers.”

Junqueira remarked:

“The pace at which we are developing and launching products in Mexico is significantly faster. In Brazil, we launched our credit card in early 2014 and introduced savings accounts at the end of 2017. Then it took us another three years to launch a new product. In Mexico, we launched the credit card three years ago, and in May 2023, we launched the Nu Account. What’s even better is that we reached a million customers within a month. Achieving this milestone took three times longer in Brazil, a country with roughly double the population.”

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