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Nubank announces $135 million USD investment into Mexico

Mexico City, Mexico — Nubank, a Latin American neobank, has announced an investment of $135 million USD to expand in Mexico. The bank, who has an engineering office in Mexico City, says they intend to grow their products across the country.

The completely digital bank has announced a joint investment with JP Morgan, Goldman Sachs and Bank of America for job creation, technological development and the development of more products. Emilio González, CEO of Nu México said that there are products designed for Mexico that have been exported to Brazil, which is the headquarters for Nubank.

The Brazilian company wants to expand, and for this, it has set its sights on Mexico. The online bank will make the $135 million USD investment this year for hiring personnel, technological development and the improvement of financial products that it will offer Mexican residents.

The new financing comes from parent companies JP Morgan and Goldman Sachs with $70 million and Bank of America financing for $65 million.

Emilio González, CEO of Nu México

“It is important to have a team in Mexico to create products for Mexicans that understands the consumer. We want to take advantage of the talent in Mexico and contribute to projects that are later developed elsewhere,” said González.

He says one of the lessons learned in the Mexican market is that customers use their credit card to finance themselves and often do not know how much interest they are going to pay, so the company developed a function in the app for the customer to know the amount when making higher or lower payments.

He added that the digital bank intends to be among the top five credit card issuers in the country. In the last four months of 2020, González said the flow of applications doubled compared to the previous year.

Nubank began operating in Mexico in 2019 and has an excess of 1.5 million Mexican clients and 30 million around Latin America.

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