Startup News

Nubank to start operations in Argentina

LatAm List –  Nubank has officially announced its arrival in Argentina, under the name Nu, and will begin operating in the country towards the end of the year. The Brazilian company achieved unicorn status earlier this year, has 9 million clients in Latin America, and is within the top ten most important fintechs in the world.

Despite the macroeconomic instability, CEO and founder David Vélez said that Nubank has a “very long-term vision” for its operations in Argentina. He explains that Nubank has gained expertise in Brazil, where the company was launched in the middle of a recession.

“Almost 16 million Argentines lack access to the banking system, this is almost half of the adult population, and we want to contribute to changing this situation,” said Vélez in a statement.

The company will open a service exportation hub and create 300 jobs in Argentina.

Nubank has raised a total $420M in seven investment rounds including the participation of Tencent and Kaszek Ventures.

Read more on La Nación or Reuters.

Learn more about Nubank:

Brazilian fintech Nubank launches in Mexico

Wenance appoints new CFO; Rumors on Nubank’s arrival in Argentina

Nubank is recruiting talent for Mexico expansion

 

 

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