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This week, the largest digital bank in the region announced it had expanded its customer base sixfold in the country over the past year, reaching a total of 2.7 million customers from 0.4 million in the same period of 2021. The bank is targeting the underbanked in Mexico, where less than 50% of adults have access to a bank account.
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“We are going from a mono-country platform to a multi-country platform,” David Velez, Nubank CEO, said in a recent call to discuss quarterly results. “Mexico and Colombia are already moving the needle for us, and we are confident they will be as relevant to us as Brazil has become.”
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