Nubankthe Latin American fintech star, began the launch of checking accounts in Mexico this Wednesday, in its attempt to expand market share in a country where more than half of its inhabitants do not use this banking product.
The Mexican subsidiary of the digital bank, known as New Mexicoopened a waiting list for savings accounts, which will be developed in stages with a first access for checking account customers and members of the company’s digital community, Nu.
the bank too will offer debit cards in Mexico so your customers can make ATM withdrawals.
Backed by investors like Berkshire Hathawayof Warren Buffett, the bank emerged in Brazil in 2013 as a commission-free credit card bet. Nu México started operating three years ago and has 3 million clients in the country.
Firm executives did not specify when accounts will be offered more widely in Mexico, but said early account holders would be invited to write comments to help refine the strategy.
Savings accounts, which will not require a minimum balancewill be completely digital, a feature that the executives hope will attract Mexicans who do not have savings accounts, particularly people in rural areas who are far from the physical branches of traditional banks.
“For people who have never had a savings product before, this type of digital solution, with Nu’s great customer service formula, will also be a compelling value proposition,” Iván Canales, CEO of Nu, told Reuters. Mexico, in an interview.
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