Nu has achieved a monumental milestone in its journey to transform financial services in Mexico, announcing it has doubled its customer base in the past year to reach 10 million users. Since its entry into the Mexican market in 2019, the fintech company has expanded its offerings from a single credit card to include savings accounts with Cajitas (Money Boxes), debit cards, and personal loans. These products now serve nearly 12% of the adult population in Mexico, promoting financial inclusion in regions previously underserved by traditional banking.
Nu’s 100% digital model has allowed it to reach over 98% of municipalities across the country, including areas without bank branches. By creating a network of over 30,000 physical cash withdrawal and deposit points, including OXXO convenience stores, Nu has successfully adapted to Mexico’s cash-reliant economy.
Technology-driven solutions empower millions
According to Nu’s Impact study, the company has enabled around 50% of its customers to access credit for the first time and 63% to earn interest on their savings. The user-friendly Cajitas savings feature has been a game-changer, contributing to Nu’s recognition as Latin America’s most innovative company in 2023 by Fast Company.
Investing in the future of Mexican banking
With $1.4 billion invested in Mexico and deposits exceeding $3.8 billion by Q3 2024, Nu continues to solidify its position as a key player in the financial sector. The company’s pursuit of a banking license promises expanded offerings, including payroll accounts and new credit solutions.
To celebrate its success, Nu has launched the “10 Million Customers, 10 Million Stories” campaign, spotlighting the lives transformed by its innovative products, further emphasizing its customer-first mission.