- Nu Mexico received authorization from the CNBV to begin operating as a bank, moving from its previous SOFIPO status into Mexico’s formal banking sector.
- The approval makes Nu Mexico the country’s largest digital bank, with more than 15 million customers and a presence in 98% of Mexico’s municipalities.
- The bank license gives Nu a stronger platform for growth, allowing it to expand its product suite, deepen deposit relationships, and compete more directly with incumbent banks.
Nu, the parent company of Brazil-based Nubank, is making Nu Mexico more official this week. The bank has received authorization from the National Banking and Securities Commission (CNBV) to begin operations as a bank.
The new authorization will make Nu Mexico the largest digital bank in the country, counting more than 15 million customers, a figure that represents more than 15% of the nation’s population.
“We are building a new way of delivering financial services in Mexico, one truly centered on people,” said Nubank Founder and Global CEO David Vélez. “The authorization we receive and the growth we have achieved confirm that this model works and has the potential to transform the relationship millions of people have with their money. Mexico is a key market for Nubank, and this is a decisive step in our long-term commitment to the country, with a total projected investment of $4.2 billion through 2030.”
Until now, Nu has operated in Mexico as a Sociedad Financiera Popular (SOFIPO), a licensed non-bank financial institution in Mexico that can offer services such as savings accounts, loans, payments, and other financial products, often aimed at consumers and underserved populations. “Receiving authorization after an unprecedented process of transforming from a SOFIPO into a bank is a milestone we have not reached alone,” said Nu Mexico CEO Armando Herrera. “We got here alongside millions of Mexicans who have placed their trust in Nu to transform the way they relate to their money. We are ready to keep building with them the financial experience they deserve.”
The authorization moves Nu Mexico from the non-bank fintech category into the country’s formal banking sector. That will allow Nu to broaden its product suite, attract and retain deposits, and compete more directly with Mexico’s incumbent banks. It also validates the company’s strategy of using a digital-first model to reach customers that traditional institutions have underserved.
Nu has operated in Mexico since 2019, adding an average of 12,000 new customers per day over the past seven years. Nu Mexico launched its first product, a no-fee credit card with customizable financing plans, in 2020 and has since added a savings account and new features such as Cajita Turbo and Scam Alert to protect its customers from fraud attempts. The fintech also offers personal loans and secured cards to help customers access credit and build a credit history. Today, Nu Mexico has a presence in 98% of the country’s municipalities, has given 54% of its customers their first credit card, and has helped 60% of its users start a savings habit.
Nu Mexico has 30 days to complete its transformation into a bank. The bank aims to keep the customer experience unchanged during the transition and maintain communication with its users.
Photo by Julio Lopez
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