Miranda’s Weekly Mex FinTech Monitor

May 15, 2023

Mexico FinTech News 

Nu México reaches 500,000 debit card users and Ualá doubles down on offering for businesses   

Nu México has finally made its debit card generally available in Mexico after announcing it in November 2022 and slowly unveiling it in a beta version. As a result, the FinTech claimed it had reached 500,000 debit users in one week, but it is unclear how many participated in the beta phase. That said, Bradesco BBI questioned its success in Mexico, its second-largest market, revealing that the company’s loan portfolio has grown slower than its competitors and that it has a higher NPL ratio than the rest of the SOFIPO industry- Nu is a SOFIPO in Mexico. Meanwhile, Ualá, a direct competitor of Nu México, announced that it would allow businesses to accept credit card payments and send payment links through its business platform Ualá Bis, which it will make available to the general population in the coming days.  

Tekios, 05/12/2023, Staff: Una semana y Nubank ya tiene más de 500.000 clientes en México a través de su Cuenta Nu 

Bloomberg Línea, 04/27/2023, Isabela Fleischmann: Nubank enfrenta un “comienzo desafiante” en México, según Bradesco BBI 

Axis Negocios, 05/09/2023, Staff: Ualá pretende sumar más usuarios con soluciones para personas morales