Brazilian digital banking powerhouse Nubank is pumping $70 million into its Mexican subsidiary and has secured another $65 million in revolving credit lines for the business from Bank of America, Goldman Sachs and JPMorgan Chase.
Launched just seven years ago, Nubank is already valued at $25 billion, with more than 30 million customers, making it among the five most valuable financial institutions in Latin America.
As it looks to expand its geographic reach, the company has identified Mexico as a prime target. Since launching a credit card in the country last March, Nu Mexico has seen 1.5 million people request one.
With an injection of funds from its parent and the Wall Street banks, the Mexican unit is also eying a move into debit cards, personal loans, insurance and loyalty programmes.
In an interview with Bloomberg, Nu Mexico general manager Emilio Gonzalez says he plans to double headcount to over 300 by the end of the year, hiring developers, engineers and marketing people.