Nubank, the Brazilian fintech startup, announced today its arrival in Mexico through a new subsidiary company called "Nu." That is the first time the company will offer products outside of Brazil. Nubank's goal is to challenge the complexity of the financial system and empower Mexicans with a transparent, humane and easy-to-use experience.
"Nubank drove a financial revolution six years ago, and has changed the industry in Brazil for good, expanding competition and offering better services to millions of consumers. We are finally taking the next step by spreading our revolution to new markets, and we see a great opportunity in Mexico," says David Vélez, founder and CEO of Nubank.
"We've been studying the Mexican financial system for a few years and we heard from a lot of customers about the challenges and headaches they face with existing services. These services have forgotten to put the consumer at the center of their strategy and their products. On top of that, more than 36 million Mexicans currently don't have any access to the bank system - and we want to contribute for this situation to change," explains Vélez.
With the arrival of Nubank to Mexico, the company will open opportunities to attract the best Mexican talent with the creation of a technology, data science and design hub in the country. "We were impressed by the level of talent that exists in Mexico and look forward to making a significant investment in the Mexican technology ecosystem," says the CEO.
Since 2017, Nubank has a technology hub in Berlin, Germany, focused on infrastructure and data engineering. In total, the company now has 1,500 employees from 25 nationalities, including French, Canadians, Australians, Americans, Dutch, and Mexicans.
To date, Nubank has raised about US$ 420 million in seven investment rounds with important funds such as Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital Investment, Dragoneer Investment Group, Thrive Capital and Tencent. Through these investments, it became one of the first unicorn startups in Latin America and today is considered the most innovative company in the region. It has also become one of the most valuable digital banks in the world and the largest outside of Asia.