President Claudia Sheinbaum on Monday announced that the fintech Nubank would be investing US $4.2 billion in the country over the next four years.
Sheinbaum revealed the news in a social media post after meeting with the company’s founder and CEO David Vélez Osorno and his team at the National Palace, where the Colombian businessman presented her with an investment plan aimed at strengthening the firm’s operations in Mexico.
The investment will expand Nubank’s presence in the country, strengthen its technological infrastructure, allow for the development of new digital solutions and broaden its services for millions of users.
The government expects the project to contribute to economic growth, boost technological innovation and financial inclusion and promote greater digitization of banking services. It will also stimulate competition in the financial sector and create conditions to attract new investments in sectors such as technology, financial services and the digital economy.
Known commercially as Nu in Mexico, Nubank currently serves more than 135 million customers in Latin America (with more than 15 million in Mexico), adding approximately 4 million new users in this year’s first quarter alone.
The company’s growth is expected to boost employment in the sector, particularly for professionals specializing in software engineering, mobile application development, artificial intelligence, science and data analysis, cybersecurity, cloud architecture and financial risk management.
Likewise, an investment of this magnitude usually generates indirect jobs through technology providers, consulting firms, digital infrastructure firms, data centers and specialized services.
Nu’s growth in Mexico has been rapid following its injection of US $100 million into its local operations in 2024. Nu went from offering only credit cards to building a financial ecosystem that includes savings accounts, investment products and fully digital solutions.
The latest investment reflects the company’s recognition of the potential of the Mexican market, where millions of people remain outside the traditional financial system, many of whom are seeking more agile and digital alternatives to manage their money.
Nubank has a banking license in Mexico, but lacks final approval to begin operations as a bank, though the approval process is said to be in its final phase.
With reports from El Financiero, Líder Empresarial and El Economista
