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Growing faster than in Brazil? Nu Mexico reaches 760,000 credit cards milestone

The subsidiary of Brazil's neobank Nubank estimates it is Mexico's second-largest credit card issuer, according to second-quarter data from Banxico

Photo: Nu Mexico/Courtesy.
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  • In April this year, when it celebrated its first year, Nu Mexico announced plans to invest $135 million in Mexico;
  • Nubank currently has more than 40 million customers in Latin America: 35 million in Brazil and the rest in Mexico and Colombia. Nu Mexico launched its first product — a free international credit card — in March 2020.

Nu Mexico, a subsidiary of Brazilian neobank Nubank, issued more than 380,000 new credit cards in the third quarter of 2021, reaching the milestone of 760,000 cards since its launch in the country in April 2020.

“We are very happy and excited about the reception we had in Mexico. We saw this warm welcome in the growth we experienced, [growth] even faster than what we experienced in our beginnings in Brazil. In less than two years, we’ve built a community of hundreds of thousands of users, and each one is unique,” ​​said Emilio González, CEO of Nu Mexico, in a press release.

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Based on data from the Central Bank of Mexico for the second quarter of this year, Nu Mexico estimates that it is the country’s second-largest issuer of new credit cards. In Mexico, the Nu card has functionalities such as interest-free installments at establishments that accept the card as a payment method, as well as fixed payment plans (used for subscription services).

In April this year, when it celebrated its first year, Nu Mexico announced plans to invest $135 million in Mexico. In September, the subsidiary of Nubank announced the acquisition of Akala, which is a Sofipo, a type of credit financial institution, that will allow Nu to offer a new range of products and services.

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Nubank currently has more than 40 million customers in Latin America: 35 million in Brazil and the rest in Mexico and Colombia. Nu Mexico launched its first product — a free international credit card — in March 2020.

With plans to make a simultaneous IPO in the United States (Nasdaq) and Brazil (B3), Nubank reported a net income of BRL 76 million from January to June. In the same period of the previous year, the digital bank had a loss of BRL 95 million (results do not include operations in Colombia and Mexico).

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