Nu Mexico receives USD 100 million in equity

According to officials, the investment expansion underlined Nu’s long-term commitment to Mexico, with the move following the company’s strategy to prioritise the country throughout 2024. The capital infusion is set to support Nu Mexico’s portfolio expansion, while also strengthening the holding’s presence in all segments of the Mexican financial market. The company’s data shows that the fourth quarter of 2023 saw Nu Mexico’s operations registering nearly 1 million new customers, leading to nearly 5.2 million customers for the whole year.

Furthermore, representatives stated that the new investment assists Nu Mexico in reaffirming its position as a financial institution in the country. The financial support is set to consolidate the company’s position in the market, while also advancing its commitment to delivering convenient and accessible financial solutions for individuals across Mexico. Currently, Nu Mexico’s portfolio includes Credit Card, Cuenta Nu, Secured Card, and Personal Loans, with new functionalities being included in the first quarter of 2024. These include the capability to send money from the US to Mexico, payments via Dimo, and the ability to cash deposits at any Soriana establishment cashier, affiliated with the Arcus by Mastercard network. Nu Holdings is working on offering a new functionality to customers, with the company aiming to allow them to freeze their money in the Cajitas, to access fixed returns for a predefined period. The firm plans to start the testing phase of the new option in the upcoming period.

Additionally, the company plans to explore future alternatives to understand customers’ financial habits by developing secured credit lines. These capabilities are set to deliver several methods for customers to make the most of their funds, with them being rewarded for good financial habits, including saving and planning.

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