FILE PHOTO: The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank's headquarters in Sao Paulo, Brazil June 19, 2018. Picture taken June 19, 2018. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Brazilian financial startup Nu Pagamentos SA is planning to launch digital accounts for small business owners, expanding its product portfolio beyond individuals, it said in a statement on Tuesday.

Founded in 2013 as a credit card issuer, Nubank has been launching new products, such as loans and payment accounts, and expanding geographically to countries such as Mexico and Argentina.

The fintech, which has raised $420 million in seven financing rounds, is inviting entrepreneurs to test its products for free.

Nubank’s latest move comes as competition for entrepreneurs has increased in the banking sector. Card processors PagSeguro Digital Ltd and Mercadolibre Inc have launched checking accounts for small merchants.

Nubank has around 10 million clients.