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November 24, 2022

Brazilian neobank Nubank launches savings accounts in Mexico

Brazilian digital lender Nubank has started launching savings accounts in Mexico in a bid to expand its business in overseas markets, according to Reuters.

The savings accounts, which will be fully digital, will not require a minimum balance.

Nu Mexico , the Mexican unit of the Brazilian neobank, has opened a waiting list for the savings accounts and will launch in phases.

The bank’s existing customers as well the members of the bank’s digital forum Comunidad Nu will get preferential access to the saving accounts.

According to the Reuter’s report, Nubank will also roll out a new debit card to enable Mexican clients to withdraw money from ATMs.

The bank’s executives did not specify when the accounts will be more readily accessible in Mexico, but they did state that early account users would be requested to provide input to assist develop the plan.

Nubank, which was founded in Brazil in 2013, offers consumers a no-fee credit card. Its backers including Warren Buffett’s Berkshire Hathaway.

In April, Nubank secured a credit line of $650m to bolster its operations in Mexico and Colombia. The new investment is a three-year credit line in Mexican and Colombian pesos financed by Morgan Stanley, Citi, Goldman Sachs, and HSBC.

In December last year, the Brazilian digital lender raised $2.6bn in US IPO at a valuation of $41.5bn. In a separate development, Brazilian banking Banco Safra has acquired financial conglomerate Alfa for BRL1.03bn ($192.2m), Reuters has reported.

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