(NASDAQ: MELI) and Nu Holdings (NYSE: NU) are top companies based in Latin America and are both reporting incredible growth. Until now, there hasn't been much overlap between them. But MercadoLibre just announced that it's encroaching on Nu's territory, with plans to open the largest all-digital bank in Mexico.

Is this a threat to Nu's business?

Nu and MercadoLibre both offer fintech solutions for customers in Latin America. Nu is an all-digital banking app with a full range of financial services, and it operates in its headquarters' country of Brazil as well as in Mexico and Colombia.

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Source Fool.com