Latin America's largest digital bank is betting on Argentina and challenging Mercado Pago

The largest digital bank in the West, Nubank, with more than 122 million customers in Brazil, Mexico, and Colombia, is preparing to enter Argentina. Its goal: to offer 100% digital, transparent financial services with no hidden fees.

The Brazilian fintech aims to provide access to banking products through credit cards, savings accounts, and loans from its app and online platform, consolidating itself as a leader in the region.

The outlook for Argentina

Rumors indicate that Nubank is considering acquiring Brubank, the largest digital bank in Argentina, with nearly 4 million customers. The transaction is reportedly in the due diligence phase, a type of audit prior to acquisition.

Brubank offers branchless services, QR payments, transfers, mutual funds, and loans. Nubank's interest reflects the opportunities opened by the fintech model under Javier Milei's government, which favors the entry of digital entities.

Scalable and efficient business model

Nubank states that its digital model combines low service costs with high scalability and constant growth. Its market value reaches $66 billion and is projected to surpass $100 billion by 2026.

In the latest report, the customer base grew to nearly 123 million. With 4.1 million new users and an activity rate of 83%, revenue reached $3.7 billion, tripling net quarterly figures compared to 2023.

Expansion and key data by country

• Brazil: 107.3 million customers (60% of adults) and deposits of $27.8 billion.
• Mexico: 12 million customers (13% of adults) and deposits of $6.7 billion.
• Colombia: 3.4 million customers (10% of adults) with deposits that grew 841% year-over-year in foreign currency.

The challenge to Mercado Pago

Nubank seeks to position itself as a solid alternative to Mercado Pago and other local fintechs. Its experience in multiple countries and its consolidated customer base allow it to enter the Argentine market with strength.