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The
investment adds to the $1 billion the company has previously
invested in Mexico, it said in a statement, adding that the move
makes it one of the largest foreign investors and one of the
best capitalized financial institutions in Mexico.
Nubank also said that Mexican banking regulator CNBV approved
the expansion of its product portfolio, allowing the company to
kick off the roll-out of its digital savings account and debit
card announced in November.
Ivan Canales, general manager of Nu Mexico, the digital bank's
Mexican arm, said in the statement that the investment and
regulatory approval represent a growth opportunity for Nu,
eventually leading to new products like personal loans.
"Our mission is to revolutionize financial services in the
country and give Mexicans control of their money, in one app and
without complexity," Canales said.
(Reporting by Cassandra Garrison; Writing by Carolina Pulice;
Editing by Simon Cameron-Moore)
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