Brazil’s top digital bank sets sights on Mexican financial inclusion.

  • Brazil’s Nubank has expanded its digital banking services into Mexico, launching a unique suite of products catered to the local market.
  • Co-founder Cristina Junqueira has developed a digital savings account called Cuenta Nu, which aims to foster financial inclusion and simplify banking for consumers.
  • Cuenta Nu offers innovative features such as “Cajitas” or money boxes that allow customers to earn returns of up to 15% annually.
  • Since launching in May, more than 1.3 million people have signed up for the service, highlighting the increasing popularity of digital banking solutions in the country.

As the world’s biggest digital bank, Brazil’s Nubank is focusing on expanding its banking services into Mexico. The initiative stems from the country’s digital banking surge in recent years, driven by traditional banks and startups alike that offer online and mobile banking services. Most notably, fintech companies have introduced innovative solutions such as mobile wallets and digital payment platforms, which have disrupted the traditional banking landscape and extended banking services to the unbanked population.

Nubank, led by co-founder Cristina Junqueira, is a prominent player in this landscape. Boasting 90 million customers across Brazil, Mexico, and Colombia, Nubank is the largest fintech company in Latin America and the largest digital bank globally. Junqueira left her traditional career in high finance to build a platform that levels the playing field for everyday people, offering a suite of consumer-friendly products.

The recent expansion in Mexico has seen the launch of a new range of products, including the digital savings account, Cuenta Nu. This product allows customers to use innovative features like Cajitas—money boxes—that provide returns of up to 15% annually. Not only are these boxes a lucrative investment, but they are also built to enhance security, keeping the invested money out of sight on the general account balance, and inaccessible through ATM withdrawals or debit card purchases.

Since launching its savings account in May, Nubank signed up more than 1.3 million customers by the end of the second quarter. Junqueira is optimistic about the future of digital banking in Mexico, expressing that such innovations “help free more Mexicans from financial complexity, and help them regain control of their money,” contributing to responsible financial inclusion in the country.