The company has adapted its business model to the needs of the local market and recently signed an agreement with OXXO to expand its cash withdrawal and deposit network to more than 30,000 physical locations.
Nubank announced today that it has reached 10 million customers in Mexico five years after launching its first product in the country, doubling its customer base in the last 12 months.
Through a press release, Nubank reported that by the third quarter of 2024, the number of clients exceeded 8.9 million in the country and deposits amounted to US$ 3.8 billion in deposits. "Nu has invested more than US$ 1.4 billion in the country, reflecting its commitment to the local market and becoming one of the most important foreign investors in the Mexican financial sector," the digital bank noted.
Since entering the market in 2018, the local portfolio has expanded from a credit card to a savings account with Cajitas, a debit card, a secured credit card, as well as personal loans, reaching 12% of the Mexican adult population. " Thanks to its 100% digital model, Nu has reached more than 98% of the country's municipalities, including communities without bank branches, where many had never interacted with the traditional financial system," the firm says in the statement.
The company has also been able to adapt its business model to meet the needs of the local market, which is still heavily dependent on cash, by building a robust network of cash withdrawals and deposits, which now extends to more than 30,000 physical touchpoints following the addition of OXXO retail stores.
“We are grateful for the 10 million customers who have placed their trust in Nu to take control of their financial future. This milestone is not just a number: it is a recognition of our customer-centric business model and our commitment to freeing people from financial complexity, as well as a reflection of the transformative power of technology to drive financial inclusion,” said Iván Canales, CEO of Nu Mexico.
Following the gradual expansion of its portfolio, Nu Mexico announced in October 2023 that it was seeking a banking license, which will allow it to continue expanding its product offering, including payroll accounts and new credit options.
