Nubank passes 15 million customers in Mexico and gets a bank license
By Alexander SchekGo-to-market and sales leadership in Latin America
1 min readNubank passed 15 million customers in Mexico and got approval to operate as a full bank, according to Nu Mexico. It took seven years, and Nu is committing $4.2 billion through 2030. The patience to build trust and reach, more than the technology, is what opened the market.
Nubank just passed 15 million customers in Mexico and got approval to operate as a full bank. Seven years to get there, and it is now adding about 12,000 people a day.
Nu has given 54% of its customers in Mexico their first credit card. That says more about distribution than about the product. They reached people the traditional banks never bothered to serve.
I have spent twenty years building commercial teams in Latin America, and this is where most global companies get it wrong. They treat Mexico as a launch, plan for year one, and pull back when the numbers come in slow. Nu planned for a decade and is committing 4.2 billion dollars through 2030.
The market opened because someone was willing to stay long enough to build the trust and the reach. That patience is usually the real moat in Latin America, not the technology.