Brazil based Nubank is launching internationally soon as they plan to launch a credit card product in Mexico by the end of this year; Mexico has become a popular market for discussion over the past year as lawmakers in the country try to encourage innovation and clamp down on abusive practices from banks; “We’re coming in to bring efficiency to the market,” David Vélez, Nubank CEO, told the Financial Times. “Banks will have to compete.”; Nubank has more than 8.5 million customers in Brazil and have raised more than $420mn in capital; Mexico has wide cell phone penetration but 80 percent of the population do not use banking apps of any kind; 42 percent of Mexicans are not in the banking system at all and only 34 percent of adults have a credit card. Source.
