Nu Mexico cleared to operate as full bank, set to become country’s largest digital lender #

Nu Mexico, the Mexican arm of Brazilian fintech group Nubank, has received final authorization from Mexico’s National Banking and Securities Commission (CNBV) to operate as a fully licensed bank, the company announced on July 10. The Bank of Mexico and the Ministry of Finance and Public Credit also oversaw the process, which follows the approval of a banking license in April 2025.

Under Mexican banking rules, Nu Mexico has 30 calendar days to complete its institutional conversion. The change moves the entity from a Sofipo (Popular Financial Society), a type of regulated savings institution with a limited product range, to a full multiple bank, able to offer credit, payment, and savings products. The company says Nu Mexico is the first Sofipo to make this transition.

Nu Mexico already has more than 15 million customers, which the company says makes it Mexico’s largest digital bank. It entered the Mexican market in 2019 and launched its first product, a no-fee credit card, in 2020. Since then, the company says it has added customers at roughly 12,000 per day and now operates across 98% of Mexico’s municipalities. According to the company, 54% of its customers received their first credit card through Nu.

Nu Mexico reached breakeven in the first quarter of 2026, with deposits surpassing $5.9 billion and a 78-percentage-point improvement in its efficiency ratio. The company said its growth rate has exceeded Nubank’s pace during its equivalent period in Brazil.

Nubank founder and global CEO David Vélez said the authorization confirmed that the company’s model “works and has the potential to transform the relationship millions of people have with their money.” The authorization comes as international competitors including Revolut and Mercado Pago also push into Mexico’s banking market, which has long been dominated by a small number of large institutions.

Source: PYMNTS