Buenos Aires, January 29 (NA) – The fintech world is being shaken these days by the decision of the Brazilian fintech company Nubank to open offices in Argentina and bring its full arsenal to compete in the country. Nubank has over 120 million customers in the region, and entering the Argentine market, where the average consumer has already fully embraced fintechs, would significantly boost its customer base. Even more so, as expected, the company is poised to make a strong push into deposit rates and lending. According to Brazilian media reports, Nubank plans to disburse US$474 million over the next five years. It will open an office in Buenos Aires, which will join its existing offices in the United States, in Miami and Palo Alto; and in cities like São Paulo, Rio de Janeiro, and Belo Horizonte in Brazil; as well as in Mexico City and Bogotá. The company stated that the expansion aims to accompany the growth in the number of customers in Mexico, Colombia, and Brazil, which in just five years grew from 59 million to over 127 million. The new Buenos Aires office will act as a regional development 'hub'. Nubank already has more than 9,500 employees in the region. In Argentina, there are already over 322 million digital accounts. Argentines have an average of 8 accounts, four in digital wallets and four in 'traditional' banks.
