Fintech Not Emerges as a Major Player in Latin America’s Financial Market, Nu México Grows in Just 5 Years

In just 10 years, fintech Not has managed to compete with the most important financial institutions in Latin America, but in only 5 it has been consolidated as Nu México, although as a Popular Financial Society (Sofipo).

According to data from the National Banking and Securities Commission (CNBV) and Condusef, At the end of the first half of 2023 Nu México ranked sixth in the credit card market (in terms of number of plastics). At the end of June would have almost 3.5 million customers, equivalent to 8% of plastics in the country.

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Compared to other financial institutions in Mexico, the average balances (available credit) of Nu’s customers are relatively low. This could be related to the fact that for many people it is their first card, in addition to the fact that, with little time on the market, for Nu all its clients are new. This figure should evolve as time goes by.

Nu is a Brazilian financial institution that added 4.6 million clients in the second quarter of the year, to accumulate a total of 83.7 million at the end of June in Brazil, Mexico and Colombia, markets where it operates.

With media information