Nubank Planned to Enter Argentina but Failed in Two Attempts

Nubank attempted to establish itself in Argentina in 2019 and sought to acquire the digital bank Brubank. David Vélez, founder and CEO of Nubank, confirmed that the company had concrete plans to enter the Argentine banking system on two occasions. During a presentation in Miami, Vélez explained that the first attempt was halted due to changes in conditions following the 2019 elections, which led the company to focus on Colombia. The second attempt was more recent, with the intention of buying Brubank, but currently, there are no negotiations to acquire local entities. Nubank's strategy focuses on building operations from scratch to ensure control over the user experience. Despite the failures, Vélez assured that the company maintains an interest in Argentina, considering the market large and with a deficit in financial services, especially in the credit sector. Currently, Nubank interacts with the Argentine market through Nu Global, which allows money movements in over 35 countries, including Argentina, without requiring local licenses. The infrastructure of this account operates through the Swiss bank Sygnum Bank, converting deposits into stablecoins USDC and EURC, and allows the holding and trading of bitcoin (BTC) and ether (ETH).