Nubank opens in Mexico

Nubank opens in Mexico

Corporate & Sovereign Strategy Brazil Mexico

Nubank said it has opened a subsidiary in Mexico called Nu and started operations outside Brazil for the first time.

"We are finally taking the next step by spreading our revolution to new markets, and we see a great opportunity in Mexico," Nubank CEO David Vélez said in a press release, adding that more than 36m million people in Mexico do not have access to the banking system.

Founded in 2013, Nubank has raised around $420m in funding in seven investment rounds. The investors include Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital Investment, Dragoneer Investment Group, Thrive Capital and Tencent, according to the São Paulo-based financial technology firm.



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