Nubank, a Brazilian neo-bank headquartered in São Paulo, Brazil, is looking to expand its services into the Middle East and North Africa (MENA) region.
Nu leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering, and human.
Already successful and widely known in Latin America (LATAM) as one of the leading technology companies in the world, experts are curious to find out if Nubank will be equally successful in MENA.
FinTech writer and Angel Investor, Marcel van Oost shared his thoughts via a LinkedIn post. He said, ”This weekend I shared the news about Revolut applying for licenses in the MENA (Middle East and North Africa) region.
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“Sources say Nubank, one of the world’s largest digital banks with over 100 million customers, is next. What is the reason behind this move from two of the most successful neobanks?
“Maybe because in some countries in the Middle East, expatriates far outnumber nationals. It’s also grown to become one of the top spots for remittances, according to a recent report from the Global Partnership for Financial Inclusion.
“Also, a significant portion of the region’s population is still unbanked or underbanked, presenting a unique opportunity for Nubank and Revolut’s digital-first model.”
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