Mexico

“For example, in Mexico, 90% of payments still are in cash to Today.”

“When you go to Brazil and you see customers paying 450% APRs and paying a ton of different fees and waiting four months to open a bank account, or you go to Mexico and you see five banks owning 90% of all the assets of the system, the pain is 10 X where you mi…”

“Being number five for a business, like being the number five Robin Hood in Brazil, and then expanding to Mexico to be the number six in Mexico, Is not going to be a winning business model. You would much rather be the number one in your country and then expand…”

“Pre-pandemic, I think was 90% cash transactions.”

“And then there's a massive percentage of the population, like, 30 to 50% underbanked or unbanked across Mexico and Brazil that don't have anything.”

“In Mexico, our average lease cost for the type of warehouses that we are leasing is in between the 3000 to 5000 US dollars per month, which is obviously a fraction of what we would pay in the United States, where lease costs are then rather in between the 15 t…”

“Perfect example of that is Cabac in Mexico. The size of the used car marketplace in Latin America, especially in Mexico, is gigantic. So therefore, at the beginning, it didn't matter. The price was 204 hundred million. It really didn't matter because the size …”

“The working capital cycle for credit cards in Brazil is very favorable for a credit card company for what we're trying to do, which is Almost, almost compared to anywhere else in the world, Mexico and Colombia are much more typical.”

“It is expected that both the Brazilian and the Mexican economy Will be among the top 10 economists of the world, so it's nice.”

“The currencies of Brazil and Mexico have been some of the best performing currencies in the world because the central banks hiked early.”

“When we go to these three countries, Brazil, Mexico, and Colombia, we go after big markets where we see a path to be Probably the largest financial institution in each one of these countries eventually, because we are the primary bank account and we become the…”

“About 25, 30% of companies in the Nasdaq today didn't exist 23 or 30 years ago. If you look at Ivo Vest by Brazil and Mexico, there's still incumbents that existed a hundred years ago. So the opportunity for disruption, a lot of these markets exist today.”

“I think you run a little bit into more of the liquidity constraints where you see the businesses just building for Chile or building just for Colombia. Those tend to have much much harder exit opportunity. But when you really get Brazil and Mexico, you'll find…”

“The highest-rated-NPS consumer product in the world in any category is our purple, is Nubank's purple credit card in Mexico. It's a 94 NPS.”

“The average hourly wage in Mexico is now cheaper than in China.”

“So we got a banking license in Mexico, a head of new bank.”

“In the history of Lime, it was, it would probably be San Diego. We were seeing actually like gangs of people coming into San Diego and then stealing the bikes and scooters and driving into Mexico. So it was hard for us to like police and react to it.”