Nu México is currently the largest Sofipo in the sector in number of clients, and according to its estimates it represents almost 51% of the sector in shareholders' equity as of March 2024.
The firm Nu Holdings announced an increase of US$ 100 million in the equity capitalization of Nu México, which until now operates as Sociedad Financiera Popular (Sofipo), with this action the total investment in the country of this entity amounts to more than US $1.4 billion.
Nu México, directed by Iván Canales, is currently the largest Sofipo in the sector in number of clients, and according to its estimates it represents almost 51% of the sector in shareholders' equity as of March 2024.
“This expansion of the investment reflects Nu's long-term commitment to Mexico, and is in line with the Holding's strategy of defining Mexico as a fundamental priority for 2024. The investment is intended to support Nu México's portfolio expansion and strengthen our presence in all segments of the Mexican financial market,” highlighted Iván Canales, general director of Nu México.
In the last quarter of 2023, the popular financial institution registered around 1 million new clients, reaching a total of 5.2 million clients and surpassed the 5.5 million user mark in January 2024.
With the recent investment, the firm indicated that it seeks to support the expansion of Nu México's portfolio and strengthen its presence in all segments of the Mexican financial market, therefore Cristina Junqueira, co-founder of the firm, highlighted Nu Holding's commitment to innovation and financial accessibility in Mexico.
“Nu Holding has the capacity and willingness to invest and accompany the evolution of the local operation. This financial strengthening not only consolidates our position in the market, but also sends a clear message about the commitment to stay at the forefront, offering innovative and accessible financial solutions for all people in Mexico,” Junqueira pointed out.
So far, Nu México's product offering includes credit cards, investment accounts and personal loans, in addition to new features such as sending money from the United States to Mexico and making payments through Dimo.
Nu México's product portfolio includes Credit Card, Nu Account, as well as Personal Loans. In addition to the possibility of receiving remittances, making payments through DiMo. In October 2023, Nu México submitted its application to the National Banking and Securities Commission (CNBV) to establish itself as a bank.
"We have a solid position, which allows us to invest in the innovation and evolution of our portfolio. For example, we are working on offering our clients a new possibility, freezing the money in their Cajitas, to be able to access fixed returns for a period pre-established. Our plan is to be able to begin testing this new option in the coming months," Canales said.
