Nubank plans personal loans in Mexico

Nubank, one of the major fintech companies in Latin America, has announced the launch of personal loans for the Mexican market, with the aim of expanding its financial services offerings in the region’s second-largest economy.

The new product will enable customers to acquire personal loans in under five minutes through its platform, as stated by Nu Mexico, the digital bank’s Mexican arm.

The service will first be available to employees as part of a testing phase before being introduced to the broader market in the coming months.

This development comes on the heels of Nubank’s introduction of savings accounts in Mexico earlier this year, a move that quickly garnered over a million users within a month.

Ivan Canales, the head of Nubank Mexico, commented, “About 20% of Mexico’s smartphone-equipped adult population has already sought a Nu product. We are eager to continue our expansion in the country.”

Brazil’s Nubank reported a record revenue of $1.9 billion for the second quarter last month, attributing this success to a surge in new customers.

Executives from the fintech firm recently highlighted Mexico as a market with significant growth potential, indicating their readiness to accelerate product launches in the coming year.

Nubank made its debut on the New York stock exchange in late 2021 and has seen its stock price rise by nearly 80% this year.