Nu Mexico Secures Banking Licence to Fuel US$4.2bn Expansion

Nu Mexico has received official authorisation from the National Banking and Securities Commission (CNBV) to transition from a financial services company (SOFIPO) into a fully fledged bank. 

The approval – supervised by the CNBV, the Bank of Mexico and the Ministry of Finance and Public Credit – cements Nu as the largest digital bank in the country, currently serving more than 15 million customers.

The regulatory milestone solidifies a digital business model that has already captured roughly 15% of the adult population in Mexico. 

For parent company Nubank, the region represents a critical pillar of its international growth strategy, which first began with its entry into the Mexican market in 2019.

Financial performance and investment

The banking licence arrives on the heels of significant financial progress for the division.

In the first quarter of 2026, Nu Mexico reached financial breakeven while simultaneously improving its efficiency ratio by 78 percentage points. 

Total deposits for the Mexican operation have now surpassed US$5.9bn.

This financial foundation underpins a massive capital commitment to the region over the remainder of the decade.

David Vélez, Founder and Global CEO of Nubank, notes: “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 this milestone, future initiatives will be led by David and the regional executive team as they deploy the capital.

Rapid market penetration

Since launching its initial product in 2020 – a no-fee credit card featuring customisable financing plans – Nu has scaled at a pace that historically took traditional institutions decades to achieve. 

The digital bank currently onboard 12,000 new customers every single day and maintains a physical presence via its app in 98% of Mexico's municipalities.

The firm's portfolio has expanded over the years to include personal loans, secured cards and its dedicated savings account, Cuenta Nu. 

It has also introduced fraud prevention tools like Scam Alert and return-boosting features like Cajita Turbo. 

This product diversification has directly driven financial inclusion, with Nu providing 54% of its customers with their first credit card and fostering a savings culture among 60% of its user base.

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 regulations, Armando and the management team have 30 calendar days to finalise the formal corporate transformation into a bank.

During this transition window, customer operations will remain entirely unaffected. 

Nu Mexico has confirmed it will maintain clear communication regarding the final operational steps, with its customer support channels remaining active 24/7 through the mobile application.