Nubank arrived in Mexico some time ago and, in just one month, reached more than 1 million citizens registered with fintech. Here in Brazil, it took 4 months to reach that number.
The country is the new focus of Roxinho, since, in this period, it has already received more than 1 billion Mexican pesos in deposits – something around 57 million dollars. Back in the country, the products and services sold are similar to those we find here, such as the “Cajitas” (or Little Boxes), which offer a return of 9% per year.
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Currently, Nu México already has more than 3.2 million customers, despite the local market being dominated by traditional banks such as Santander, HSBC, Banamex and BBVA.
How does Nubank operate in Mexico?
According to Citi, Roxinho operates there with a license from the Popular Financial Society (Sofipo), which offers inclusion for rural areas. In the country, they adopted the identity of “Nu”, which also works here in Brazil.
Thus, its office in the foreign country aims to be a technology, design and data science hub in the country. This is the second fintech hub, being the first in Germany, which works directly with the needs of Latin America.
With this, they have a local international team to meet the specific demands of Mexican customers, creating products and services centered on the needs of users.
Nubank is also in Colombia
Also nicknamed Nu, the roxinho arrived in the Latin American country to simplify the country's banking system, thus carrying out the same mission and purpose that it has in Brazil.
The idea of opening a branch in the country is to compete directly with the five banks that account for more than 80% of the market, which is very bureaucratic and not very focused on the consumer. So, the nude Colombia became the first 100% digital financial institution in the country.