Nubank is taking new look at Argentina under Milei, CEO says

Nu Holdings Ltd is reassessing prospects for Argentina as all of Latin America roots for the success of President Javier Milei, Chief Executive Officer David Vélez said.

Nubank, as the firm is known, “will watch” Argentina over the next 12 months, and is “taking a new look” at the country under Milei, who took over in December, Vélez said Wednesday in an interview at the Bloomberg New Economy at B20 in São Paulo.

Vélez said that while Brazil can still contribute to the bank’s growth, Mexico is the nation offering the biggest opportunity for now. He said 88 percent of Mexicans don’t have access to credit, for example. 

“It feels like Mexico is 50 years behind,” he said. Vélez added that the “sky is the limit” for the growth of verticals beyond financial services, citing telecommunications, health and education as relevant sectors.

The vast majority of Nubank’s business comes from Brazil, where it has about 95 million customers. Mexico is second-biggest, followed by Colombia.

In a separate interview for Bloomberg Television, Vélez said the company has ample opportunities to expand beyond financial services in Brazil, and will move into new countries in the next five to 10 years. The Hispanic market in the United States could also be an opportunity, he said.

New Economy at B20 is being organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.