LatAm List – Nubank, a Brazilian neobank, recently announced its arrival in Mexico, where it will offer products outside of Brazil for the first time. The startup will operate under a new subsidiary called Nu.
“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,” explains David Vélez, founder and CEO of Nubank.
Nubank aims to transform the Mexican financial system with branchless banking as it did in Brazil six years ago. The company will recruit the best Mexican talent to transform the country into a hub for technology, data science, and design.
“We were impressed by the level of talent that exists in Mexico and look forward to making a significant investment in the Mexican technology ecosystem,” says the CEO.
Nubank currently has a total of 1,500 employees from 25 different nationalities and has raised about $420M in seven investment rounds, including a $180M round with Tencent that raised its valuation to $4B.
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