Valued at $10B, Nubank launches it’s Nu credit card in Mexico [TechCrunch Blog]
Mastercard Incorporated (MA)
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Source: TechCrunch Blog
Nubank The Sao Paulo-based fintech company, known for its fully-mobile digital bank and credit card, has raised $820 million across seven rounds of investment and has amassed nearly 22 million customers in Brazil alone. Now, the Nu credit card is available to all Mexicans over 18 years of age – and has already grown a waiting list of 30,000 Mexican customers. Nubank’s CEO is David Vélez, who before founding Nubank in 2013, was a partner at Sequoia Capital in charge of the firm’s Latin American investments. Nubank was co-founded by Cristina Junqueria and CTO Edward Wible. In the past year, the company has hired three more C level executives and a new CFO. The Mexico opportunity Nubank believes that Mexicans are ready to take back control of their money with financial services that are transparent, human and simple. A predominately cash-based society and lack of digital savings and lending products makes it harder for people to achieve financial freedom in Mexico. The company hopes its
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