Nubank, the Brazilian fintech arrives in Mexico

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The Brazilian financial startup  Nubank , considered the largest  digital bank in the West, has begun its expansion plan in Latin America and as its first objective it has set its eyes on Mexico, which it will arrive under the name Nu . Nubank hopes to boost competition in the fintech sector in the country by offering its financial services that have led it to become the fifth credit card issuer in its native Brazil. Know the differences between the marketing strategies of fintech versus traditional financial ones Nubank bets on customer service and low commissions for its foray into Mexico Since its creation six years ago, the startup has managed to raise more than $400 million from investors such as Tencent Holdings Ltd of China, Sequoia Capital, Tiger Global Management and Kaszek Ventures, and will begin its foray into Mexico with 20 employees. Nubank's interest in the Mexican market lies in the low level of banking coverage we have , that is, reaching the 36 million Mexicans who do not currently have access to.

The banking system but who, by having good mobile internet coverage , becomes extremely attractive for fintech , in fact this is one of the conditions that achieved the growth of fintech in Brazil in recent years. In an interview for Forbes México , David Vélez , CEO and founder of C Level Contact List Nubank commented on the arrival of fintech to Mexico, in which he highlighted that Nu will arrive to complement the local banking offer. “Mexico is a market of great opportunity for us and although the offer is wide, this is a great window to occupy digital channels, which is where the majority of people begin to make their transactions , coupled with the increase in the use of devices such as smartphones or tablets”. According to the manager, Nubank will come to combat the lack of competition in the banking market , since he assures that they studied the Mexican financial system for several years, discovering from consumers the challenges and headaches they face with current services.



The market,” and added that “you want a credit card or a bank account, and they are doing you a favor, when it should be the opposite.” The fintech plans to create a Development and Technology Center in the country Nubank currently has 8.5 million clients , and in addition to arriving with its commercial operation offer, Nubank also plans to install a Development and Technology Center so that Mexican talent can help promote fintech internationally. “We have been impressed with the level of talent in Mexico , and we are eager to make a significant investment in the Mexican technology ecosystem ,” said Vélez.Tweet “Do you know Nubank? Brazil's  digital bank will arrive in Mexico Nubank currently has a technology hub in Berlin, Germany , focused on infrastructure and data engineering, in addition to having more than 1,500 employees from 25 nationalities, including Mexicans, as well as French, Canadians, Australians, and Americans. and dutch.