Brazilian fintech company Nubank is set to begin its operations in Argentina as a part of its strategy to bolster footprint in Latin America.
The company said that it will aim to provide services to the vast underbanked population in the country.
Reuters quoted Nubank founder and chief executive David Vélez as saying in the statement: “Almost 16 million Argentines lack access to the banking system, this is almost half of the adult population, and we want to contribute to changing this situation.”
The announcement follows the company’s expansion in Mexico last month. The Mexican unit was named Nu. It also plans to set up technology, data science and design hub in Mexico.
The company currently has nearly 8.5 million customers in Brazil and more than nine million throughout Latin America.
Nubank has raised a total of $420m in seven investment rounds. Its investors include Sequoia Capital, Kaszek Ventures, Tiger Global Management, Founders Fund, DST Global, QED, Redpoint Ventures and Ribbit Capital Investment among others.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
In October last year, Chinese conglomerate Tencent invested $180m in the company.
Currently, it is in discussions with Japan’s Softbank Group regarding additional investment, sources familiar with the matter told Reuters.
If the deal materialises, the funding will boost the company’s international expansion plans.