Nubank broadens product portfolio in Mexico: launches waitlist for digital account and debit card
This is a strategic launch in Nubank’s expansion in the Mexican market, where the company already has over 3 million customers, as it will enable local deposits and further customer growth.
Nov 23 , 2022
Mexico City, November 23rd, 2022 – Nubank, one of the world’s largest digital financial services platforms, announces the expansion of its portfolio in Mexico and launches the waitlist for its digital savings account “Cuenta Nu” and debit card. Mexico represents the second largest market for Nubank, where the company currently offers a credit card and serves over 3 million customers. The launch of the digital account is a strategic step in Nubank’s internationalization roadmap as it will enable local deposits and further customer growth.
Cuenta Nu will be 100% digital and will offer a daily yield, with no minimum balance requirements nor extra fees, as well as provide immediate liquidity, with customers being able to withdraw cash 24/7, without restrictions. Opening Cuenta Nu and transferring money to other accounts will be managed entirely through Nu Mexico’s app, and will have Nu’s outstanding, efficient and human customer service 24 hours a day through the in-app chat, phone or email.
Nu will also launch a debit card, which will strengthen the company’s card portfolio in Mexico. Like the Nu credit card, which is already used by more than 3 million people in the country, the debit card will be available in both physical and virtual versions and will have real-time notifications every time a transaction is made, which enables customers’ greater flexibility, security and control over their money. Prioritizing inclusion, the debit card will have a small notch on one of its sides so that it can be easily identified and differentiated by touch, as well as a different shade of purple and blue borders.
Starting today, Mexicans can sign into the waitlist to be among the first to access the products, which will have a progressive roll-out over the next months.
“We are very excited to announce the expansion of our product portfolio in Mexico in order to continue accompanying our customers during all stages of their financial life. One of our core values is that we want our customers to love us fanatically, which is why we actively listen to them and co-create our products with them. The savings account is one of the most requested products by the more than 3 million people who are already part of Nu”, Iván Canales, General Manager of Nu México states.
Nubank in Mexico
With only 3 years of operation, Mexico is Nubank’s second largest market. The company has quickly managed to position itself as one of the most innovative players in the digital finance segment and as the largest issuer of new cards with more than 3 million cards issued. The company also boasts an NPS, or Customer Satisfaction Index, of over 90, which puts it above the industry average of 46 as per Customer Gauge.
“We are in the early stages of developing a full-suite of financial services products in Mexico. The launch of a savings account is a strategic step in this roadmap as it will enable the access to local deposits as well as unblock further growth opportunities by expanding our customer base at an even faster pace. This product will also allow us to better understand a larger customer base and thus improve our credit models, an important competitive advantage”, says David Vélez, CEO and founder of Nubank.
“For the people to whom we have not been able to give a Credit Card so far, having a Nu Account will allow us to get to know them better in order to have a more personalized risk model and thus offer them a credit option that suits their profile. In Mexico, around 51% of adults do not have any formal savings product, Cuenta Nu is another great step towards our goal of freeing millions of Mexicans from financial complexity and giving them back control of their money, reinforcing our commitment to long term with the country, the digital finance revolution and financial inclusion”, concludes Canales.
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