Neobank Nubank launches in Mexico to tap into the country’s unbanked population

Brazilian challenger bank Nubank is officially live in Mexico. The company is now offering its Nu credit cards too users over the age of 18.

The bank, which boasts having over 20 million customers, will launch the card through its subsidiary Nu Mexico.

The digital bank first announced that it would launch in Mexico in August last year. The bank has since been in the testing phase. However, interest in the Nubank offering has been huge, with the bank  already amassing a massive waiting list with over 30,000 people hoping to get their hands on the card.

Despite the card will not requiring customers to pay any fees, it still offers them service every hour of every day, real-time notifications, virtual card, card lock and unlock by the app, limit adjustment and invoice payment date selection.

The opportunity in the country is vast. As TechCrunch noted, the country has over 36 million unbanked people living in it.

The launch comes after Mexico’s FinTech startups raised over $821.5m between 2015 and 2019, according to FinTech Global’s data.

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