Nu Mexico, a leading digital financial services provider, has announced a significant milestone—reaching 10 million customers just five years after launching its first product in the country. This achievement represents a doubling of its customer base in the last year and marks a transformative moment in the company’s mission to simplify financial lives and foster financial inclusion in Mexico.
Key Highlights of Nu Mexico’s Journey:
- Expanded Offerings: Starting with a credit card in 2019, Nu’s portfolio now includes savings accounts (Cajitas), debit cards, and personal loans, reaching nearly 12% of Mexico’s adult population.
- Nationwide Reach: Nu’s 100% digital model has enabled access to over 98% of municipalities in Mexico, including unbanked communities. Its cash withdrawal and deposit network, bolstered by partnerships with over 30,000 physical points like OXXO stores, addresses the local market’s reliance on cash.
- Driving Inclusion: According to the Nu Impact study, 50% of customers accessed credit for the first time, and 63% earned yields on their savings through Cajitas.
Business Impact:
- By Q3 2024, Nu surpassed 8.9 million customers and $3.8 billion in deposits.
- The company has invested $1.4 billion in Mexico, making it one of the largest foreign investors in the Mexican financial sector.
- Nu’s innovative approach earned it the title of the Most Innovative Company in Latin America (2023) and #5 globally by Fast Company.
Looking Ahead:
In October 2023, Nu Mexico announced plans to obtain a banking license, enabling the launch of payroll accounts and expanded credit options.
To celebrate its milestone, Nu Mexico launched a marketing campaign, “10 Million Customers, 10 Million Stories,” showcasing customer stories and the impact of Nu’s products. The campaign will run on digital platforms until March.
Ivan Canales, Country Manager of Nu Mexico, remarked:
“This milestone reflects our customer-first approach and the transformative power of technology in driving financial inclusion. We thank our customers for trusting us to help them seize control of their financial futures.”
Nu Mexico’s journey underscores its commitment to financial empowerment and its role as a key player in transforming Mexico’s financial ecosystem.
