Nu Mexico gets banking license from Mexico's CNBV

Nu Mexico has received authorization from Mexico's National Banking and Securities Commission (CNBV) to operate as a bank, following oversight from the Bank of Mexico and the Ministry of Finance and Public Credit.

The company, which reported more than 15 million customers, claims this makes it the largest digital bank in Mexico. Nu Mexico has 30 calendar days to complete its formal transition from a SOFIPO, a type of savings and loan institution, to a full bank.

Nubank (NYSE: NU), Nu Mexico's parent company, entered the Mexican market in 2019. The subsidiary reached breakeven in the first quarter of 2026, improved its efficiency ratio by 78 percentage points, and surpassed $5.9 billion in deposits.

David Vélez, founder and Global CEO of Nubank, cited a projected total investment of $4.2 billion in Mexico through 2030. "Mexico is a key market for Nubank, and this is a decisive step in our long-term commitment to the country," he said.

Nu Mexico currently adds approximately 12,000 new customers per day and operates across 98% of Mexico's municipalities. The company states that 54% of its customers received their first credit card through Nu Mexico.

The company launched its first product, a no-fee credit card, in 2020 and has since expanded to include a savings account, personal loans, and secured cards.

You May Also Be Interested In

• Google and Blackstone data-center venture hits delays at key sites - Bloomberg
• Daedalus SPAC signs merger letter of intent with Turkish AI firm HubX
• Rocket Lab launches germanium-free solar cell for space applications