NU Mexico cites “power of tech” behind 10m customer mark

Nubank logo seen on top of the glass building.
Editorial credit: rafapress / Shutterstock.com

NU Mexico, the regional brand of Brazilian fintech Nubank, has celebrated reaching 10 million customers, emphasising technology’s role in driving financial inclusion.

The digital bank has seen a rise in financial inclusion since it entered Mexico in 2019, which it attributes to its 100% digital model. According to the NU Impact study, the bank has allowed around 50% of its customers to access credit and 63% to earn yields over their savings for the first time. 

NU Mexico’s growth has been largely driven by its savings product, Cuenta NU. Since its launch in May 2023, the company has doubled its customer base within a year, now reaching 12% of the country’s adult population as of the time of this article. 

In addition to Cuenta NU and credit cards, NU Mexico also offers a range of financial products, including a debit card and personal loans.

Many communities in Mexico have historically lacked access to the traditional financial system due to the absence of bank branches in certain regions. This is a common trend across several Latin American countries, which has in turn driven demand for digital banking services.

Nubank has benefited greatly from this in both countries. In its home market of Brazil, the firm has over 150 million customers, while in Mexico it now reaches around 98% of the country’s municipalities.

However, its success isn’t solely due to its digital services. Recognising that cash remains essential in Mexico, the bank has established a cash withdrawal and deposit network, with over 30,000 physical access points across the country.

Ivan Canales, Country Manager of Nu Mexico, commented: “We are thankful for the 10 million customers who have placed their trust in Nu to seize control of their financial future. 

“This milestone is not just a number: it’s a recognition of our customer-first business model and our commitment to liberate customers from financial complexity, as well as a reflection of the transformative power technology has on driving financial inclusion.” 

Nubank’s international journey

In its announcement celebrating the milestone, NU Mexico stressed its significant investment in the country, revealing it has poured over $1.4bn into Mexico. This positions Nubank as a market leader, mirroring its activity in Brazil and Colombia.

At the beginning of this year, Nubank disclosed its plans to expand its global presence, with the UK being a potential destination for its new headquarters. This statement from David Vélez, Founder and CEO of NU Holdings, comes at a time when the UK is actively seeking foreign investment to bolster its economy.

As part of its global strategy, Nubank has also set its sights on the US market, with the company now anticipating a favourable regulatory climate following Donald Trump’s recent re-election as President. The renewed promises of fintech-friendly policies and pro-crypto regulations under Trump’s administration have caught the eye of NU Holding’s founder. 

“When an administration suddenly sees fintech as being good for consumers and more competition, that makes it more attractive,” Velez remarked. 

“The US has several regulatory agencies regulating the same thing. So if there is a simplification of the regulatory agencies, they could make a much more interesting environment for other players to come in.”