8 Million Customers and Counting: Nu's Impressive First Year in Mexico

Hey FinTech Fanatic!

Positioned as Nu's top business priority for 2024, Mexico has proven to be a strategic choice for the company’s international expansion.

Just one year after the introduction of Cuenta, Nu has already attracted over 8 million customers and accumulated $3.3 billion in deposits in the country.

These results surpass those achieved in Brazil during the same phase of operations: in Q1 2019, Nu’s home market had 7.7 million customers and less than $1 billion in deposits.

Mexico's unique combination of the highest GDP per capita in Latin America—more than 30% higher than Brazil’s—and low financial inclusion makes it a significant opportunity in the region.

This assessment comes from Cristina Junqueira, Co-founder and Chief Growth Officer (CGO) at Nubank:

"There is a lot of room for growth due to the low reach of financial services in Mexico. In such a large and even wealthier country than Brazil, we see that, in certain scenarios, it could be (a market) even bigger than what we have experienced here."

“Our biggest competitor (in Mexico) is cash. Over 40% of payments in Mexico are still made in cash; half of our customers have never had a credit card. So, there is strong work in financial education underway, so they can start using the products responsibly.”

Cristina made these statements during her participation in the latest episode of the?Nu Videocast, a corporate series that discusses strategic themes at Nubank with the company's senior leadership.

Enjoy more FinTech Industry updates I listed for you below, and I'll be back with more news tomorrow!

Cheers,

Marcel

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