As of the third quarter of last year, the company had around 8.9 million clients in Mexico and exceeded $3.8 billion in deposits, according to a press release.
Nubank maintained that it has invested more than 1.4 billion dollars in the country.
“In a country where 42% of the population does not have access to financial services, Nu has allowed almost 50% of its clients to access credit and 63% to obtain income from their savings for the first time,” the company stated. , citing data from their own study.
Moody’s Ratings said this Monday that the alliance between Nu Bank and Oxxo It gave the Brazilian giant the strength to be able to intensify its competition against Mexican banks, which still struggle to serve low-income users.
“The agreement is negative for the credit of Mexico’s large banks and consumer credit banks because it will accelerate competition for deposits amid the high interest rates offered by fintechs,” the agency said in a statement.
With information from Reuters
