May 7, 2019 / 2:02 PM / a year ago

Brazilian fintech Nubank opens office in Mexico, in possible first step in Latam-wide expansion

SAO PAULO, May 7 (Reuters) - Brazilian fintech Nubank is opening an office in Mexico on Tuesday, an initial step in a potential expansion into other Latin American countries, an executive said.

Nubank, a six-year-old startup that has raised $400 million from investors such as China’s Tencent Holdings Ltd, Sequoia Capital, Tiger Global Management and Kaszek Ventures, will start Mexican operations with 20 employees, Nubank executive Cristina Junqueira said in an interview.

Junqueira said Nubank, which will use the name Nu in Mexico, plans to issue the first credit cards in the second half of the year. Nubank says it has 8.5 million clients in Brazil, mainly credit card holders.

Mexico has 36 million people without access to bank accounts, a concentrated banking system and good mobile internet coverage. Similar conditions contributed to fintech growth in Brazil over the last years.

Nubank is diversifying its financial services and recently began to offer loans in Brazil. (Writing by Tatiana Bautzer; Editing by Steve Orlofsky)

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