Brazilian digital lender Nubank has announced plans to invest $330m in Mexican operations via equity capitalisation to drive growth.

Specifically, the investment will be used to expand the bank’s product portfolio, increase reach across market segments and strengthen operations.

With the latest investment, the firm’s total investment in the Mexican market now amounts to $1.3bn, positioning Nu México, the local unit of the Brazilian neobank, as one of the most capitalised financial institutions in the country, the digital bank noted.

Concurrently, Nubank announced that it has secured regulatory clearance to expand its products portfolio beyond credit cards to include deposits and other financial services.

Nu Mexico general manager Iván Canales said: “This investment and regulatory approval unlocks an important growth opportunity for Nu with deposits, and, moving forward, other financial products like personal loans.”

Nu Mexico will now begin the phased roll-out of its digital savings account Cuenta Nu and debit card, which was launched last month.

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.

Company Profile – free sample

Thank you!

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 form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to Nubank, Mexico is its second-largest market and Nu Mexico is a crucial operation in its internationalisation roadmap.

Nubank co-founder Cristina Junqueira said: “Mexico and Colombia have shown stronger initial growth than Brazil and potentially represent an even larger opportunity for the company. We are investing heavily in Mexico because we believe in the incredible potential of this vibrant market and its growth opportunity as more people gain and increase access to high-quality financial services.”

In April this year, Nubank secured a $650m credit line to strengthen its operations in Mexico and Colombia.