Nu becomes the main issuer of credit cards in Mexico and Colombia

The Brazilian neobank Nu has become the main issuer of credit cards in Mexico, ahead of traditional financial institutions such as Banco Azteca, Banorte, HSBC, Inbursa or Scotiabank.

According to the company, the Mexican Republic is its second largest market, where its customer base increased 6 times year over year to reach 2.7 million, consolidating itself as the number 1 company in this sector.

And it is that only in the last 6 months, the firm incorporated 1.3 million credit card users in Mexico, which represents an advance of 92% compared to the 1.4 million contracts it had at the end of 2021, based on your financial reports.

While in Colombia, Nu has also become the fastest growing credit card issuer, reaching 314,000 clients in the quarter.

“Internationally, we are now the number 1 issuer of new credit cards in Mexico and Colombia, where we have just received approval for our license to continue expansion,” said David Vélez, founder and CEO of the neobank.

In all its markets, the financial institution added 5.7 million clients in the quarter, reaching a total of 65.3 million clients in Brazil, Mexico and Colombia, which represented a growth of 57% year-on-year.

While the total number of banks in the Mexican Republic placed only 489,834 credit cards in the same six months, going from 28,593,070 plastic cards in December 2021, to 29,082,904 million at the end of June 2022, according to data from the National Banking and Securities Commission (CNBV).

According to the regulatory body, at the end of the second quarter of the year, Banamex had 7.09 million credit cards, followed by BBVA with 6.89 million and Santander with 3.51 million cards placed.

While Banorte was already below Nu, registering 1.73 million cards, the same as HSBC with its 1.65 million, Carlos Slim’s Inbursa with 1.38 million, Banco Azteca with its 1.01 million and Scotiabank with its 514 thousand plastics.