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Valued at $10B, Nubank launches it’s Nu credit card in Mexico

Nubank, the Brazilian digital bank valued at $10 billion, is launching its Nu credit card in Mexico – a country where the unbanked population counts 36 million people. 
The Sao Paulo-based fintech company, known for its fully-mobile digital bank and credit card, has raised $820 million across seven rounds of investment and has amassed nearly 22 million customers in Brazil alone. Now, the Nu credit card is available to all Mexicans over 18 years of age – and has already grown a waiting list of 30,000 Mexican customers. Nubank’s CEO is David Velez, who before founding Nubank in 2013, was a partner at Sequoia Capital in charge of the firm’s Latin American investments. Nubank was co-founded by Cristina Junqueria and CTO Edward Wible. In the past year, the company has hired three more C level executives and a new CFO.

The Mexico opportunity


Nubank believes that Mexicans are ready to take back control of their money with financial services that are transparent, human and simple. A predominately cash-based society and lack of digital savings and lending products makes it harder for people to achieve financial freedom in Mexico. The company hopes its no-annual-fee credit card will help to free Mexicans from the complexity and bureaucracy beleaguering their banking experience. 
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