Nu Mexico Banking Licence Kicks Off Bank's Next Growth Phase

Nu Mexico has secured formal approval from the National Banking and Securities Commission (CNBV) to convert from a financial services entity (SOFIPO) into a licensed bank.

The authorisation – overseen by the CNBV, the Bank of Mexico and the Ministry of Finance and Public Credit – establishes Nu as Mexico’s largest digital bank, with a customer base exceeding 15 million. 

This regulatory development reinforces a digital-first model that has already reached around 15% of the country’s adult population.

For parent company Nubank, Mexico remains a cornerstone of its international expansion strategy, which began with its market entry in 2019.

Financial performance and investment

The banking licence follows a period of strong financial momentum for the business.

In Q1 2026, Nu Mexico achieved financial breakeven while improving its efficiency ratio by 78%.

Deposits in the Mexican unit have now exceeded US$5.9bn.

This performance supports a significant long-term investment commitment to the market. The licence comes after notable financial progress across the group.

David Vélez, Founder and Global CEO of Nubank, says: “We are building a new way of delivering financial services in Mexico, one truly centred on people.

“The authorisation 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 US$4.2bn through 2030.”

Following the approval, David and the regional leadership team will oversee the deployment of this capital across future initiatives.

Rapid market penetration

Since launching its first product in 2020 – a no-fee credit card with flexible repayment options – Nu has expanded at a pace rarely seen among incumbent banks.

The digital bank now adds around 12,000 customers daily and reaches 98% of Mexico’s municipalities through its app.

Its offering has broadened to include personal loans, secured credit cards and its savings product, Cuenta Nu.

Nu has also rolled out fraud protection features such as Scam Alert, alongside yield-enhancing tools like Cajita Turbo.

This product expansion has contributed to greater financial inclusion, with 54% of customers receiving their first credit card through Nu and 60% developing savings habits on the platform.

Armando Herrera, CEO of Nu Mexico, says: “Receiving authorisation after an unprecedented process of transforming from a SOFIPO into a bank is a milestone we have not reached alone. 

“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.”

Under local regulatory requirements, Herrera and his executive team have 30 calendar days to complete the formal transition to a banking entity.

During this period, customer services will continue without disruption.

Nu Mexico has confirmed it will keep users informed on final operational steps, with customer support available around the clock via its mobile app.