In Mexico, Nubank is entering the market with credit cards and is additionally considering accounts and loans. In Brazil, Nubank started with credit cards and has since grown to offer deposit accounts, debit cards, and is testing accounts for SMEs.
Nu – as the company is known in Mexico – launched in Brazil in 2014, offering credit cards. Since then, it’s grown to offer deposit accounts, debit cards, and now it’s testing accounts for SMEs. For many Brazilian users, Nubank is their only financial institution. Upon expanding to Mexico, it is seeking to replicate its success in Brazil, but this doesn't necessarily entail a replica of its Brazilian operations, its country head for Mexico told iupana in an exclusive interview. Both Brazil and Mexico have highly concentrated financial systems. But the penetration of financial services is much lower in Mexico compared with Brazil, even though other economic development indicators between the countries are similar. Penetration of credit cards and deposit accounts in Mexico is half that of Brazil. “The strategy is always the same: offer the consumer what they need. But the products can vary,” said González. The fintech’s local team of 80 people is studying those potential products.