In the firm’s quarterly report, it is highlighted that Nubank globally has 109.7 million customersof which the market Mexican represents the 8.11%.
Guilherme Lago, CFO of Nubank at a global level, said in the conference call that the firm is surprised by the evolution that both Mexico and Colombia have had in the increase in customer deposits and their growth.
“Not only have we seen deposits increase at a substantially greater rate than we expected, but we have also seen second-order material impacts due to the inflows of those deposits. What do I mean by that? I see that the deposits have attracted now to many more clients,” highlighted the CFO.
For his part, David Velez, co-founder of Nubank, pointed out that they expect Mexico to be a market almost as important as Brazil and highlighted that five years after arriving in Mexico, Nu is in the top 10 of financial institutions with the most deposits. in the Mexican system.
He noted that the Brazilian market, where they are larger, has advantages and disadvantages compared to Mexico, for example Brazil is a country with a greater financial culture but with many more competitors than it has in Mexico.
Although he hopes that Mexico will still take time to achieve the leadership it has in Brazil, he is confident in the market’s potential.
“I don’t want to do anything unnatural. Learning to do it requires a lot of discipline, a lot of methodology, a lot of data, a lot of fundamental testing. In one quarter we accelerate (the number of clients) in another we decelerate and you will continue to see those zigzags in growth rates constantly “said Velez.
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