May 8, 2019
Nubank, a Brazilian fintech startup that offers customers a no-fee credit card via mobile app, has launched a Mexican subsidiary, called Nu, representing its first international expansion, according to a press release.
"Nubank drove a financial revolution six years ago, and we changed the industry in Brazil for good, expanding competition and offering better services to millions of consumers," Nubank founder and CEO David Velez said in the release. "We are finally taking the next step by spreading our revolution to new markets, and we see a great opportunity in Mexico."
He noted that 36 million Mexicans lack access to the banking system in that country.
Nubank currently has 1,500 employees as well as a technology hub in Berlin that provides infrastructure and data engineering. According to the release, Nubank has raised $420 million in seven funding rounds to date, including investments from Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital Investment, Dragoneer Investment Group, Thrive Capital and Tencent.
Topics: Mobile Banking, Region: Americas
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