SAO PAULO (Reuters) – Brazilian digital lender Nubank has signed an agreement with Mexican convenience store chain Oxxo, run by FEMSA, to expand its cash deposit and withdrawal network in the North American country, the firms announced on Monday.
WHY IT’S IMPORTANT
Warren Buffett-backed Nubank, one of the Latin America’s largest firms by market value, has been aiming to scale its operations in Mexico and Colombia after growing in Brazil, its home market, where it has more than 100 million customers.
While Nubank’s Brazil operations are nearly fully digital, the lender has been using different strategies to grow in Mexico, where cash remains a top payment method.
BY THE NUMBERS
The deal will allow Nubank’s more than 9 million customers in Mexico to gain access to Oxxo’s over 22,000 stores across the country, Nubank said, pushing the lender’s total presence in Mexico to over 30,000 stores, including previous partnerships.
Cash…
