Nubank- Brazilian fintech firm expands to Mexico

09 May, 2019
by Colin Hawkins
News
Nubank- Brazilian fintech firm expands to Mexico

As reported by Reuters, Nubank, the Brazilian Fintech firm breaks into the Mexico market and opens an office in the area. This is only one step of their grand plan to break into other countries in the Latin America region.

Nubank is a Fintech firm to watch due to their impressive funding rounds from large names in the Fintech industry. They raised $400 million in investment rounds from Tencent Holdings Ltd, Sequoia Capital, Tiger Global Management and Kaszek Ventures.

Cristina Junqueira revealed that following the expansion to Mexico they will go by a new name: Nu. Under the simplified name they plan on issuing credit cards to consumers after June.

The Mexico market is an appealing marking for Nubank due to a majority of citizens in Mexico not having bank accounts but having good mobile internet coverage. This recipe mirrors what Brazil saw and contributed to the growth of Nubank in Brazil in recent years. Fintech and crypto is a tricky market to break into in Mexico and the fact that they have the greenlight to open up an office and be one of the only fintech firms offering a one of a kind service to the Mexico citizens, could spark rapid growth and expansion.

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