Nu Holdings Ltd.

Two fintech companies founded by Russian natives have become direct competitors in the Mexican banking market. They are Nikolay Storonsky's Revolut neobank and Plata Card, a startup by former top managers of Tinkoff Bank with investments from the bank's founder Oleg Tinkov and Baring Vostok founder Michael Calvey. Both companies have received full banking licenses from the national regulator, are focused on aggressive growth and are seeking IPOs. What will they fight for and what challenges might they face in Mexico?

Nik Storonsky