Nubank Unit Secures Authorization to Become Mexican Bank
Digital bank Nubank’s Mexican operation, Nu Mexico, has received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said in a Friday (July 10) press release.
Nu received the authorization from the National Banking and Securities Commission (CNBV), and the company will become a bank in a process supervised the CNBV, the Bank of Mexico and the Ministry of Finance and Public Credit, according to the release.
The company said that with more than 15 million customers, it will become the largest digital bank in Mexico.
“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,” Nubank Founder and Global CEO David Vélez said in the release.
Nubank entered the Mexican market in 2019; launched its first product, a no-fee credit card with customizable finance plans, in 2020; and later added a savings account, personal loans and secured cards, according to the release.
Today, Nu has a presence in 98% of Mexico’s municipalities, adds 12,000 new customers per day, and has given 54% of its customers their first credit card, per the release.
To this point, Nu Mexico has operated in the country as a Popular Financial Society (SOFIPO).
“Receiving authorization after an unprecedented process of transforming from a SOFIPO into a bank is a milestone we have not reached alone,” Nu Mexico CEO Armando Herrera said in the release. “We got here alongside millions of Mexicans who have placed their trust in Nu to transform the way they relate to their money.”
Nu Mexico announced in April 2025 that it received approval of its banking license from the CNBV and would continue operating as a SOFIPO while undergoing a rigorous regulatory audit before obtaining authorization to begin operations as bank.
It was reported in November that Nu was part of a wave of FinTech challengers, along with companies like Revolut and Mercado Pago, that were set to place pressure on the existing players in Mexico’s banking sector to modernize operations and slash fees.
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