Brazilian fintech giant Nubank has secured regulatory approval to become a full-service bank in Mexico. The National Banking and Securities Commission (CNBV) has greenlit Nu Mexico’s transition from a Popular Financial Society to a full-fledged banking institution. The company must now complete a rigorous regulatory audit before it can officially begin banking operations.
Nubank first entered the Mexican market in 2020 with a no-fee credit card and has since expanded its offerings to include debit accounts, savings products, and personal loans. By the end of 2024, the company had amassed over 10 million customers and attracted $4.5 billion in deposits.
With the new banking licence, Nubank plans to broaden its product suite further, including the upcoming launch of a payroll account aimed at strengthening its foothold in Mexico’s banking sector.
Iván Canales, GM of Nu Mexico, says: “Currently, Nu has already gained the trust of nearly a quarter of Mexico’s banked population. With this milestone we will continue working to strengthen our differentiated offering, which has already made a significant impact in Mexico by promoting savings and improving access to credit.”