David Vélez, founder and CEO of Nubank

Brazilian fintech Nubank has announced its new launch in Mexico, through its new subsidiary ‘Nu’. The company through its new launch aims to offer products outside of Brazil’s Nubank goal and understand the complexity of the Mexican financial system.

“Nubank drove a financial revolution six years ago, and has changed the industry in Brazil for good, expanding competition and offering better services to millions of consumers. We are finally taking the next step by spreading our revolution to new markets, and we see a great opportunity in Mexico,” says David Vélez, founder and CEO of Nubank.

The new launch of Nubank’s Mexico operations is expected to create opportunities and draw talent in the creation of a technology, data science and design hub in the country. Nubank aims to make ‘significant’ investments in the Mexican technology ecosystem.

“We’ve been studying the Mexican financial system for a few years and we heard from a lot of customers about the challenges and headaches they face with existing services. These services have forgotten to put the consumer at the center of their strategy and their products. On top of that, more than 36 million Mexicans currently don’t have any access to the bank system – and we want to contribute for this situation to change,” explains Vélez.

Since 2017, Nubank has a technology hub in Berlin, Germany, focused on infrastructure and data engineering. In total, the company now has 1,500 employees from 25 nationalities, including French, Canadians, Australians, Americans, Dutch, and Mexicans.

by Megha Bhattacharya
Market Analyst at IBS Intelligence