Nu México, the Mexican branch of Nubank, announced the acquisition of Akala, a ‘SOFIPO’, or ‘Sociedad Financiera Popular’. The acquisition will allow Nu México to offer a wider range of services in the country.
Nu México currently has over 40 million customers across Latin America. The company launched in Mexico in March 2020 with its international credit card and recently raised new funding for further expansion in the country.
Mexico is a strategic market for NuBank due to its high percentage of underbanked citizens, which currently stands at 47%.
“This acquisition marks the start of our journey to strengthen Nu Mexico’s product portfolio and offer greater services in Mexico,” said Emilio González, General Manager of Nu México.
The acquisition was approved by Mexico’s CNBV.
“The growth and brand acceptance that Nu has achieved in Mexico has exceeded both our expectations and what we experienced in Brazil. We are already the second-largest issuer of new credit cards in the country and we look forward to continuing on the growth path,” González said.