Nu Mexico applied for a local banking license, reinforcing its long-term growth strategy to unlock a broader portfolio for customer needs in Mexico, including investments, payroll portability, and products for SMEs.

Also in this issue: the IFC upsizes its loan to Nu Colombia after growing interest from commercial banks; Nu partners with federal universities in Brazil to accelerate careers in tech and foster innovation; information and technology help prevent fraud against Nu customers; and more.

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Nu Mexico applied for a banking license with the National Banking and Securities Commission (CNBV), the local regulator. When the process is concluded, the license will allow Nu to provide its local customers with a wider range of products and benefits, including investments, payroll portability, and products for SMEs. 

“It has been remarkable to see our Mexican customers asking us to bring the Nu experience beyond credit and savings and into new verticals and segments. We focus our strategy to cater to their needs”, explains Cristina Junqueira, Nubank’s co-founder and Chief Growth Officer and adds: “We are committed in matching our growth plans to the adequate regulatory framework in every country we operate and we believe this License is the right fit for us in Mexico.”

This strategic move reinforces the company’s commitment to long-term innovation, growth, and investment in the country, contributing to the transformation of the sector and financial inclusion. By leveraging a global product shelf for its international expansion, Nu seeks to scale efficiently with a focus on customizations and adaptations for local client needs and regulations.

Nu Mexico is currently the largest Popular Financial Society (Sofipo) in the country, offering its 3.6 million customers credit and debit cards, personal loans, Cuenta Nu, and Cajitas – the local version of Money Boxes, a product that allows saving money with clear objectives and attractive yields.

IFC loan increase. The International Finance Corporation (IFC) announced an upsizing in the A/B loan to Nu Colombia, from the initial commitment of US$ 150 million to US$ 265 million. The change was based on the growing interest from commercial banks supporting the loan. Nu’s long-term commitment to the country was reinforced during an event in Bogota, where members of the management team talked about the company’s history and strategy to the media. Founders David Vélez and Cristina Junqueira were present and also brought insight into their vision for the local operation. Read their articles: A 10-year journey | Nu Colombia and the love for our brand. 

S&P rating. S&P Global Ratings assigned a BB- international rating to Nu Financeira and Nu Holdings. The main drivers for the decision were the growth prospects supported by an expanding customer base, solid capital structure, and efficiency rate. BB- is the same rating given to Brazil's sovereign and some of the country’s largest financial institutions.

NuFuturo. Nu partnered with public federal universities in Brazil to accelerate careers in technology and foster innovation through a program named NuFuturo. The initiative encourages research related to technology and finance, focusing on its real impact on society.

Customer-centricity. As a celebration of its 85 million customers, Nu launched a new campaign during the break of Jornal Nacional, the main prime-time news program in Brazil. It shows how the company has grown over the last ten years, expanding its portfolio to better serve its customers and attract an ever-growing base. Customer love was also reinforced by recent recognition: Nu is among the Top 10 Beloved Brands by Brazilians.

Safety campaign. To raise awareness about scams and fraud, Nubank launched the campaign  #PareceMasNãoÉoNubank (it looks like Nubank, but it isn’t). Through educational multimedia content, the company alerts customers on how to identify, avoid, and report Nu impersonators. With safety at the forefront of its operations, Nu provides a wide range of technological defenses in its app, as well as informative, accessible content.

Overdraft alert. Nu customers have saved more than US$ 800,000 in interest in just five months due to Overdraft Alerts. The feature warns customers when they go into overdraft in any account that shares data with Nu via Open Finance, allowing customers to set the debt early and avoid extra fees. Open Finance is a country-wide system in Brazil through which financial institutions are allowed to share customers’ financial data with their consent. 

ETF innovation. Nu Asset Management and B3, the Brazilian stock exchange, launched the first dividend-paying ETF in the Brazilian market. The fund is derived from a new index that gathers a selection of companies that pay the highest dividends relative to the share price. Nu Renda Ibov Smart Dividendos (NDIV11) is available for any investor, including those who don’t have a Nubank or NuInvest account. Nu and B3 also launched an option based on the same index, but that reinvests the dividends in the ETF itself: Nu Ibov Smart Dividendos (NSDV11).

• David spoke to Fortune about the early days of Nubank, our success in the Brazilian banking industry, and the focus on customer experience and innovation. He also talked about the potential of blockchain technology to disrupt various sectors. Nubank's success and impact on the financial landscape was the topic of an interview with CNN Español. 
   
• Cristina Junqueira’s role at Nu has changed over time, always going beyond co-founder. Fortune magazine interviewed her about her next decade at the company and her role as Chief Growth Officer, leading the expansion of our portfolio and markets. “The reality is, there’s still so much ahead of us,” she said. Cris also reflected on customer centricity and Nubank’s trajectory of expansion on a chat with C-Level during her visit to Colombia. 
   
• During the local media event, Nu Colombia GM Marcela Torres announced the increase in Nubank's A/B loan from the International Finance Corporation (IFC), a reflection of the confidence in Nubank's potential in Colombia. Our exponential growth in the country was also the subject of a Nuevo Día article.
   
• Jag Duggal, Nubank’s CPO, spoke about how Nubank’s culture drives our innovation in the Fintech Family Hour podcast. He also shared his vision of why the future of fintech is in the Global South.
   
• “70% of all Brazilians with monthly income above R$ 5.000 are already in our customer base, and that’s why we’re making an effort to optimize our investments portfolio to better serve them”, said Livia Chanes about the partnership with B3 for the launch of two ETFs.
   
• Iván Canales, Nu Mexico's GM, discussed the opportunity to include traditionally excluded people in the Mexican financial sector and improve the range of financial products at FinnoSummit 2023.
   
• David, Cris, and Iván were recognized among the 500 Most Influential People of Latin America 2023 by Bloomberg Línea. The publication highlights the influence of those leaders beyond their home countries, being catalysts for transformations on a global scale.

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