Nu Mexico Receives Authorization to Begin Operations as a Bank

The new entity will become the largest digital bank in the country.

MEXICO CITY--(BUSINESS WIRE)--Nu Mexico has received authorization from the National Banking and Securities Commission (CNBV) to begin operations as a bank. With more than 15 million customers, Nu will become the largest digital bank in the country, following a process supervised by the CNBV, the Bank of Mexico, and the Ministry of Finance and Public Credit.

This authorization consolidates the model Nu has built in the country: simple, transparent, innovative, 100% digital, and customer-focused, which has allowed it to attract approximately 15% of the country's adult population.

"We are building a new way of delivering financial services in Mexico, one truly centered on people. 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 USD 4.2 billion through 2030," said David Vélez, founder and Global CEO of Nubank.

In seven years, Nu achieved in Mexico a scale that once took decades: today it adds 12,000 new customers per day, has a presence in 98% of the country's municipalities, has given 54% of its customers their first credit card, and has fostered a savings culture among 60% of its users.

"Receiving authorization 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," added Armando Herrera, CEO of Nu Mexico.

Nubank began its international expansion strategy with its entry into the Mexican market in 2019. For the first quarter of 2026, Nu Mexico reached breakeven, improving its efficiency ratio by 78 percentage points and surpassing $5.9 billion dollars in deposits.

Nu Mexico launched its first product in 2020: a no-fee credit card with customizable financing plans tailored to local needs. Since then, the company has expanded its portfolio to include a savings account “Cuenta Nu”, as well as new features such as Cajita Turbo and Scam Alert to protect its customers from fraud attempts. Nu Mexico's portfolio also includes personal loans and secured cards, products designed to help customers access credit and build a credit history.

The company thanks the Mexican regulatory authorities for their guidance throughout this unprecedented process and reaffirms its commitment to continue collaborating with the financial ecosystem to increase the penetration and inclusion of more people in the financial system and accelerate the adoption of digital payments in the country for the benefit of all Mexicans.

In accordance with current regulations, Nu Mexico has 30 calendar days to complete its transformation into a bank. During this period, it will maintain timely and clear communication with its customers — whose experience remains unchanged today — about the next steps, and will remind them that its support channels are available 24/7 through the app.