Brazilian neobank Nubank (NYSE: NU) announced a partnership with FINABIEN to expand its Cuenta Nu deposit network in Mexico, allowing cash deposits at 1,700 FINABIEN branches nationwide.
This partnership, powered by an integration with Arcus by Mastercard, expands Nubank’s physical presence across 98% of Mexico’s municipalities.
Since launching in Mexico in 2019, Nubank has amassed over 7M users in the country. In May 2024, Nubank surpassed 100 million users across Mexico, Colombia, and Brazil.
“The expansion of our cash deposit network alongside Financiera para el Bienestar allows us to reach more people and offer them a safe and efficient alternative to manage their money, bringing Cuenta Nu even closer to the Mexican context, where cash is still used by the majority of the population,” said Romina Benvenuti, Director of Legal, Compliance, and Public Affairs at Nu México.
Nubank reported receiving US$3.3B in deposits in Mexico in Q2 2024, with a loan-to-deposit ratio of 39%. The neobank reports serving more than 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia.
Read more on the Nubank Newsroom.
