LatAm List – Nubank, the Brazilian neobank and unicorn, is launching its Nu credit card in Mexico, where an estimated 36 million people are unbanked.
The fintech currently serves nearly 22 million customers in Brazil with online banking and credit card services. Neobanks across Latin America are rapidly changing the face of the traditionally difficult and time-consuming banking system that has resulted in so many unbanked customers in the region.
With the launch of the credit card, Nubank aims to help more Mexicans manage their money in an easy and affordable manner. Currently, only 10% of Mexican adults have credit cards, making Mexico the perfect market for neobanks such as Nubank and Albo.
The Nu credit card will be available to all Mexicans over 18 years old and comes with no annual fees. Nubank estimates that there are 30,000 customers awaiting the Nu credit card in Mexico.
The card will work in conjunction with the Nubank app which allows customers to manage their accounts and transactions online.
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