Nasdaq expands Nubank partnership to drive FinTech growth in LATAM

By Gloria Mathias

Nasdaq has announced that it has expanded its digital bank financial technology presence in Latin America. It has agreed to provide its AxiomSL regulatory reporting solution to Nubank, a digital bank with over 100 million customers in Brazil, Mexico, and Colombia.

The agreement extends Nasdaq’s existing partnership with Nubank, which includes providing the technology that underpins the bank’s treasury function, managing its fixed income and money market operations, and the bank’s regulatory reporting obligations in Colombia.

It also reflects the accelerating demand for third-party financial technology solutions in Latin America, driven by the rapid growth and development of digital banking in the region and the competitive need for technology that can support a short time to market for new products and services.

Nasdaq has over 50 banking and payment services clients in Latin America, including a wide range of digital and traditional banks, local and regional players, and tier-one global banks.

The comprehensive range of Nasdaq’s mission-critical technology across the Latin American financial system, alongside extensive partnerships with the region’s market infrastructure operators, helps foster deep customer relationships and insight into their most complex operational challenges.

Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq said: “Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking, and innovative technology combining to empower a new generation of consumers. Nasdaq’s technology is helping to underpin the maturation of the industry, with proven regulatory solutions substantially reducing time to market and providing a competitive advantage in such a fast-paced industry. We welcome the opportunity to expand our partnership with Nubank, alongside many other clients in the region, to support their ambitious growth trajectory.”

In addition to Nubank, other digital bank and payment companies with which Nasdaq has expanded its services include Mercado Libre, Latin America’s eCommerce and digital payments company; C6 Bank, a full-service digital bank in Brazil; and Bankaool, the bank to receive a license from the Mexican government to provide digital-only services.