Five years after launching its first product in Mexico, Nu announced that it has reached 10 million customers in the country, doubling its customer base over the past 12 months. Since entering the market, the local portfolio expanded from a credit card to savings account with Cajitas (Money Boxes), a debit card, as well as personal loans, transforming the lives of nearly 12% of the adult Mexican population.
Nu was launched in Mexico in 2019, with the mission of simplifying the financial lives of its customers and fostering financial inclusion through digitization and customer-friendly, transparent financial products. Thanks to its 100% digital model, Nu has reached over 98% of the municipalities in the country, including communities without bank branches, where many had never interacted with the traditional financial system.
The company has also been able to adapt its business model to fit the needs of the local market, which is still heavily reliant on cash, building a robust cash withdrawal and deposit network, which now extends to over 30,000 physical contact points following the recent addition of OXXO small-format stores.
In a country where 42% of the population does not have access to financial services, Nu has allowed around 50% of its customers to access credit and 63% to earn yields over their savings for the first time, according to data from the Nu Impact study. The ease of saving through Cajitas has been the decisive factor for joining the platform, and this attribute has earned Nu an award as the most innovative company in Latin America in 2023 and #5 globally, according to Fast Company.
By Q3 2024, 18 months after the launch of Cuenta, the company surpassed 8.9 million customers in the country and $3.8 billion in deposits. Nu has invested over US$1.4 billion in the country, reflecting its commitment to the local market and making it one of the most important foreign investors in the Mexican financial sector.
Following the gradual expansion of its portfolio, Nu Mexico announced in October 2023 it was seeking a banking license, which will allow it to continue expanding its product offerings, including payroll accounts and new credit options.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
