Brazilian fintech Nubank’s Mexican arm is set to receive a capital infusion of $135m to support its early stage operations.
In an interview with Bloomberg, Nu Mexico general manager Emilio Gonzalez said that it will receive a $70m infusion from its parent company.
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Additionally, JPMorgan Chase, Goldman Sachs Group and Bank of America will provide the unit with revolving credit lines worth $65m.
The move comes months after Nubank raised $400m to bolster its footprint across Latin America.
In Mexico, the company aims to serve the underbanked people who do not have proper access to financial services.
Nu Mexico launched its credit card in March last year and now plans to expand its product portfolio. It also lends between $200 and $400 to credit card users.
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By GlobalDataThe company has received 1.5 million credit card requests but it is not clear how many were approved.
Gonzalez told Bloomberg: “Even though we launched in a very complex period, with a pandemic along the way, we’ve noticed that we have a product that is much needed in the market.”
He further added that the Mexican unit to open to new acquisitions to bolster its presence. It also plans to double its Mexico staff to more than 300 employees by the end of this year.
