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Brazilian Fintech Nubank Breaks into Mexico

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Brazilian Fintech Nubank Breaks into Mexico

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Reuters has reported that Brazilian fintech firm Nubank will now have an office in Mexico starting from this week as part of early steps into a potential expansion into other countries in the Latin American region.

Nubank made headlines after raising USD 400 million in investment rounds from big names in the fintech industry, including Tencent Holdings Ltd, Sequoia Capital, Tiger Global Management and Kaszek Ventures. Now into its sixth year, the Mexican branch of Nubank will start its operations with a staff of 20 people.

Co-founder Cristina Junqueira said in an interview also revealed that the bank will be using a simplified name: Nu. It plans to kick off by issuing credit cards to consumers after June, banking on the success of some 8.5 million customers already in Brazil, many of whom also hold credit cards.

Mexico represents an opportunity for fintech disruption in banking as many people there are still unbanked, as in they do not have bank accounts. However, a high penetration of internet and mobile phones have meant a ready userbase for phone apps.

Fintech VC Manolo Atala said the country was fertile for fintech growth, especially with low credit card use and no other competitor offering the same services.

Nubank was in the news recently as banks in Brazil are being investigated for denying services to the fintech firm.

 

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