MEXICO CITY : One million people in Mexico have opened savings accounts in Brazilian digital bank Nubank one month after the product's launch, the company said on Wednesday, with deposits amounting to 1 billion pesos .
The digital bank's Mexican arm, known as Nu Mexico, last November opened a waiting list for customers to sign up for the savings accounts, its second financial product in the country, and formally launched it in May. Nubank announced a $330 million equity capitalization for Mexico late last year, in a bid to expand its footprint in the Latin American country.
Nonetheless, the contribution of its Mexico operations to Nubank's total results might be limited in the short term, Citi said in an analysis note, citing low penetration in the credit card market.
Source: News Formal (newsformal.com)
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