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Nu Mexico, as the unit is known, is receiving a $70 million capital injection from its Brazilian parent company while JPMorgan, Goldman Sachs, and Bank of America will provide revolving credit lines worth $65 million, General Manager Emilio Gonzalez said in an interview.
Nubank, valued at $25 billion in a fundraising earlier this year, has grown into one of Latin America’s biggest financial institutions by offering cheaper, zero paperwork products. The company introduced its first credit card in Mexico in March 2020, right as Covid-19 cases gained traction in the country. “Even though we launched in a very complex period, with a pandemic along the way, we’ve noticed that we have a product that is much needed in the market,” Nu Mexico’s Gonzalez said.
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