The British neobank, serving over 40 million customers globally, has acquired a banking license in Mexico.
Nubank steps up its game in Latin America by offering remittances in Mexico and securing a new license in Colombia.
Digital neobank Albo saw a $40 million investment from U.S. and Mexican venture capital firms to expand SME loans in Mexico.
Nubank's second product in Mexico was well received. Country manager Ivan Canales discusses the market strategy with Fintech Nexus.
Latam fintech associations made a significant stride last week by publishing a document proposing joint regulations for open finance.
The number of fintechs operating in Mexico has grown consistently. Progress in financial inclusion, however, has been far less explosive.
The fintech industry urges the government to expedite the procedure, contending that the current legal framework is impeding growth.
Fintechs in Mexico take on the challenge of competing with banks, in a country that lags most Latin American peers in financial inclusion.
Fintech unicorn Ualá finally obtained a banking license in Mexico, clearing the way for the neobank to aggressively expand its product suite.
Despite high interest rates and risks of a reccesion, many BNPL fintech providers now vie to offer loans to the underbanked in Mexico.