Five years after launching its first product in Mexico, Nu announced today that it has reached 10 million customers in the country, doubling its customer base over the past 12 months.
Since entering the market, the local portfolio expanded from a credit card to savings account with Cajitas (Money Boxes), a debit card, as well as personal loans, transforming the lives of nearly 12% of the adult Mexican population.
Nu was launched in Mexico in 2019, with the mission of simplifying the financial lives of its customers and fostering financial inclusion through digitization and customer-friendly, transparent financial products. Thanks to its 100% digital model, Nu has reached over 98% of the municipalities in the country, including communities without bank branches, where many had never interacted with the traditional financial system.
The company has also been able to adapt its business model to fit the needs of the local market, which is still heavily reliant on cash, building a robust cash withdrawal and deposit network, which now extends to over 30,000 physical contact points following the recent addition of OXXO small-format stores.
“We are thankful for the 10 million customers who have placed their trust in Nu to seize control of their financial future. This milestone is not just a number: it’s a recognition of our customer-first business model and our commitment to liberate customers from financial complexity, as well as a reflection of the transformative power technology has on driving financial inclusion,” said Ivan Canales, Country Manager of Nu Mexico.
In a country where 42% of the population does not have access to financial services, Nu has allowed around 50%of its customers to access credit and 63% to earn yields over their savings for the first time, according to data from the Nu Impact study. The ease of saving through Cajitas has been the decisive factor for joining the platform, and this attribute has earned Nu an award as the most innovative company in Latin America in 2023 and #5 globally, according to Fast Company.
Customer love for Nu’s products and services has also translated into business results. By Q3 2024, 18 months after the launch of Cuenta, the company surpassed 8.9 million customers in the country and $3.8 billion in deposits. Nu has invested over US$1.4 billion in the country, reflecting its commitment to the local market and making it one of the most important foreign investors in the Mexican financial sector.
Following the gradual expansion of its portfolio, Nu Mexico announced in October 2023 it was seeking a banking license, which will allow it to continue expanding its product offerings, including payroll accounts and new credit options.
To celebrate this milestone, Nu Mexico has launched a data-driven, customer-centric marketing campaign under the concept “10 million customers, 10 million stories”, which aims to recognize the stories of those who have been part of Nu’s growth in Mexico. The campaign will run until early March on digital channels.