The Paypers

Currently, Nubank offers a credit card with no annual fee, fully controlled by a mobile app. The company is testing personal loans with two million customers, who must pre-qualify to get the service. Recently, Nubank has started to develop services for entrepreneurs and small-business owners in Brazil and is currently testing a beta version of its digital account for this user group.

The fintech known for its fully-mobile digital bank and credit card, has raised USD 820 million across seven rounds of investment and has amassed nearly 22 million customers in Brazil alone. Now, the Nu credit card is available to all Mexicans over 18 years of age – and has already grown a waiting list of 30,000 Mexican customers.

The company hopes its no-annual-fee credit card will help to free Mexicans from the complexity and bureaucracy beleaguering their banking experience. The company explains that half of Mexico’s population is under 24 years old and is digitally engaged, but due to legacy banking oligopolies, only 10% of Mexican adults have credit cards. With an unbanked population of 36 million, startups and investors have been grappling for a piece of the Mexico fintech opportunity for years.

Brazilian challenger Nubank launches it's Nu credit card in Mexico