nubankThe largest digital bank in Latin America, planned to operate to grow in Brazil, Colombia and Mexico before expanding into new markets, its CEO said Thursday, David Velez.
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The Colombian executive stated that “in the next two years” the bank is going to remain focused on its current markets, but assures that in the medium term it does plan to expand to other countries, “although in Latin America.”
“We are already in the three most important countries in Latin America, covering between 65% and 70% of GDP and population. Going to many smaller markets would not change the equation much,” Vélez told reporters, he said during an event where Nubank celebrated the tenth anniversary of its founding.
Vélez said that he still does not know when or where the bank’s international expansion will continue and did not rule out that one of those countries could be the United States.
Nubank has 79.1 million customers, of which 75.3 million are in Brazil, its country of origin, where the bank began offering its services in 2014 and already has about 46% of the adult population as customers. .
Nubank, the largest digital bank in Latin America, plans to grow in Brazil, Colombia and Mexico
In Mexico, in three years of operations, they have achieved 3.2 million customers and in Colombia, where they arrived a year later, they add up to 635,000, with an increase of 200% over the previous year.
Cristina Junqueira, co-founder of the bankensures that Nubank is already the largest issuer of credit cards in Colombia and Mexico, the country where the managers of the technology company envision a greater margin of growth.
Apart from these expansion plans, the managers explained that the bank is investing in the development of artificial intelligence tools, a technology that is a “priority” for the coming years.
Vélez assured that, in the coming years, nubank he wants to democratize services such as financial advisory services, so that they “create a personal banker in the pocket of every consumer.”
Last Monday, Nubank announced that it obtained 141.8 million dollars in profits in the first quarter of the year, a record figure, and that contrasts with the losses of 45.1 million in the same period of the previous year.
