Contxto – The latest Brazilian startup spreading its wings abroad is Nubank, made apparent with its recent Mexico expansion. The fintech company formalized its expansion this past Tuesday to contend with other regional competitors.
“We came to compete with the big (financial giants) operating in Mexico,” said David Vélez, CEO of Nubank.
Screaming massive growth, the challenger bank and “most innovative company in Latin America” finally made the announcement under the brand name “Nu.” While the company is still focused on fortifying operations in Brazil, it’s also taking full advantage of international growth opportunities.
On that note, organizers have already announced a few recruitment sessions in Mexico. By the end, Nubank will certainly find new talent to support its growth in Latin America.
“We seek [international] professionals because we want the world’s best team, so we need to take a global approach of competing for talent, bringing the best people to help us tackle our challenges regardless of where in the world they may be right now,” said Cristina Junqueira, Nubank’s co-founder.
Although Nubank is officially coming to Mexico, the fintech company is still unsure about what legal figure they’ll be operating under.
Either way, Nubank seems committed to bringing innovative financial products to Mexico. As we’ve mentioned before, large portions of the population don’t use traditional banking services, making them ideal customers for digital banks.
Part of Nubank’s appeal is its annuity-free credit card that can be completely administered over the company’s mobile app. So far, more than 30 million people have applied for the added benefits. Personal loans are also in the works.
Since beginning in 2013 under the leadership of Vélez, the fintech scaleup has accumulated over 6 million customers in Brazil using its digital bank and tax-free credit card system. Even more impressive, Nubank ranked as Latin America 2019’s most innovative company, according to Fast Company.
To date, the company is Latin America’s leading fintech company. At the same time, it’s one of Brazil’s most renowned unicorns, worth more than US$1 billion.
Recently, Nubank raised approximately US$420 million in seven equity rounds. Investors included Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, among others.