Nubank dominates LatAm with Mexico remittances, Colombia licensing.

Brazilian digital bank Nubank has announced two major initiatives to expand its operations in Latin America. The bank has secured a license from the Colombian regulator, allowing it to enhance its customer acquisition strategy in the country. In Mexico, Nubank has entered the remittance market, partnering with local fintech Felix Pago to allow its users to receive money from the US through WhatsApp. Mexico is Nubank’s largest operation outside of Brazil, and the company hopes that offering remittance services will help boost its customer base in the country. The company has also received a banking license in Colombia, where it plans to introduce new products such as savings accounts. Nubank’s shares are gaining momentum, approaching its IPO valuation, and the company is optimistic about expansion in Latin America in 2024.