Brazil's Nubank announces $330 million equity capitalization in Mexico




  • In Business
  • 2022-12-06 12:37:24Z
  • By Reuters
 

MEXICO CITY (Reuters) - Brazilian digital bank Nubank, Latin America's largest fintech, announced on Tuesday a $330 million equity capitalization in Mexico, as it pushes to expand operations there.

The investment adds to the $1 billion the company has previously invested in Mexico, it said in a statement, adding that the move makes it one of the largest foreign investors and one of the best capitalized financial institutions in Mexico.

Nubank also said that Mexican banking regulator CNBV approved the expansion of its product portfolio, allowing the company to kick off the roll-out of its digital savings account and debit card announced in November.

Ivan Canales, general manager of Nu Mexico, the digital bank's Mexican arm, said in the statement that the investment and regulatory approval represent a growth opportunity for Nu, eventually leading to new products like personal loans.

"Our mission is to revolutionize financial services in the country and give Mexicans control of their money, in one app and without complexity," Canales said.

(Reporting by Cassandra Garrison; Writing by Carolina Pulice; Editing by Simon Cameron-Moore)

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