Nubank Boosts Investment and Gains Regulatory Approval in Mexico 

Nubank has added a $330 million equity capitalization to its investment in Mexico. 

The Brazilian digital financial services platform said in a Tuesday (Dec. 6) press release that this brings its investment in the country to $1.3 billion and has become one of the largest foreign investors in the country. 

This will be used to expand the company’s product portfolio, increase its penetration across market segments and strengthen its operations in the country, according to the release. 

“Our mission is to revolutionize financial services in the country and give Mexicans control of their money, in one app and without complexity,” Nu Mexico General Manager Iván Canales said in the release. 

Nubank also said that Mexico’s banking regulator, the Comisión Nacional Bancaria Y De Valores (CNBV), has allowed it to begin launching a digital savings account and debit card in the country, according to the release. 

“This investment and regulatory approval unlocks an important growth opportunity for Nu with deposits, and, moving forward, other financial products like personal loans,” Canales said in the release. “We celebrate the regulator’s vision of encouraging more competition in the market and, consequently, enabling better and more inclusive financial products in Mexico.” 

As PYMNTS reported in June, Nubank was founded in São Paulo in 2013, is now the biggest digital lender in Latin America and has focused on bringing financial services to the unbanked. 

The startup works with more than 50 million people across three countries, including Mexico and Colombia, and every city in Brazil. 

“With less than a decade in the market, Nubank is already the sixth largest financial services institution in all Latin America by number of active customers,” Nubank Co-founder Cristina Junqueira said in the Tuesday press release. “Mexico and Colombia have shown stronger initial growth than Brazil and potentially represent an even larger opportunity for the company.”