Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Brazil's Nubank rolls out Mexican savings accounts, debit card

Published 11/23/2022, 10:56 AM
Updated 11/23/2022, 11:00 AM
© Reuters. A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company's IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermid
BRKa
-

By Cassandra Garrison

MEXICO CITY (Reuters) - Brazil's Nubank, Latin America's star financial technology firm, began launching Mexican savings accounts on Wednesday as it looks to scoop up market share in a country where more than half of people do not have such accounts.

The digital bank's Mexican arm, known as Nu Mexico, opened a waiting list for the savings accounts, which will roll out in stages with first access going to current clients and members of the company's digital forum Comunidad Nu.

The bank will also launch a Mexican debit card for customers to withdraw cash from ATMs.

Backed by investors including Warren Buffett's Berkshire Hathaway (NYSE:BRKa), Nubank was founded in Brazil in 2013 to offer consumers a no-fee credit card. Nu Mexico started operating three years ago and has three million clients in the country.

Company executives did not specify when the accounts would be more widely available in Mexico but said early holders would be invited to offer feedback to help shape the strategy.

© Reuters. A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company's IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermid

The savings accounts, which will not require a minimum balance, will be completely digital, a feature executives hope will entice Mexicans who do not have savings accounts, particularly those in rural areas far from physical branches of traditional banks.

"For folks that have never had a savings product before, this type of digital solution with Nu's formula of great customer support will also be a compelling value proposition," Ivan Canales, General Director of Nu Mexico, told Reuters in an interview.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.