Business

Nubank announces a credit card as its first product in Mexico

Backed by Mastercard, the international credit card will be available in the Mexican market by the end of the year

Nubank launches credit card in Mexico
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  • In May, the fintech announced its first move outside Brazil: A new office in Mexico;
  • Later in June, Nubank opened an office in another Latin American market, Argentina;
  • After a $ 400 million fundraising from TCV, the company achieved the status of decacorn, with a valuation of $10 billion, and reached the milestone of most highly valued private startup in Latin America.

The Brazilian fintech Nubank is advancing at full steam with its expansion in Latin America. After announcing new offices in Argentina and Mexico, the next move of the decacorn–a company valued at more than $ 10 billion–is the launch of its first product for the Mexican market: a Mastercard international credit card with no yearly fee.

Similar to its approach in the Brazilian market, Nubank’s strategy in Mexico for this first product will be to allow users’ requests for the credit card through a waiting list. “We will review case by case, and the requests will gradually be accepted over the next few months,” stated the bank during the announcement, according to the Mexican media outlet El Economista

READ MORE: With its latest funding, Nubank is the first startup in Brazil to be valued at $10bi

The strategy of running this waiting list for credit cards’ requests will allow the company to control the growth of its consumer base in Mexico; and concerning technology, convenience, and customer service, Nubank promises the same speed and security that made the fintech reach the unprecedented ranking of the biggest digital bank of the world.