When it comes to finding growth, investors tend to gravitate to known growth names like Nvidia or . One can understand that inclination given the news coverage on these companies and the ability to see their products first-hand.

However, that may mean investors ignore growth stocks if they emerge in other parts of the world. This may be the case with Nu Holdings (NYSE: NU), since it operates exclusively in Brazil, Mexico, and Colombia. Still, with the transformation the company's NuBank operating business has brought to the banking sector in those countries, this fintech stock is likely an excellent place to invest $1,000.

To understand why Nu is potentially transformational, one needs to understand the nature of finance in Latin America. Many consumers in the region only use cash. In the past, a small number of banks dominated the sector, leaving hundreds of millions of people with neither bank accounts nor credit cards.

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Source Fool.com