Nu México, a subsidiary of the Brazilian digital bank Nubank, has officially received approval for its banking license from the National Banking and Securities Commission (CNBV) on April 24, 2025. This milestone marks Nu as the first Sociedad Financiera Popular (SOFIPO) to gain approval to transition into a full-fledged bank, paving the way for increased competition in Mexico's financial sector.
The approval allows Nu to expand its product portfolio significantly, including the introduction of a payroll account, which is crucial for enhancing financial inclusion in Mexico. Currently, only 36% of adults in the country possess a payroll account, with nearly 90% of these accounts concentrated in just five banks, according to the National Financial Inclusion Survey of 2024.
David Vélez, CEO and founder of Nubank, emphasized the significance of this development, stating, "Mexico is a key pillar of our global strategy. We have seen great progress in terms of growth, reaching over 10 million customers, and we have invested more than $1.4 billion in the market, aimed not only at growth but also at driving innovation and raising standards in the local financial sector."
Nu México will continue to operate as a SOFIPO during its transformation process, ensuring that customers maintain the same seamless user experience they have come to expect. Following the approval, the company will undergo a rigorous regulatory audit before it can officially commence banking operations.
Iván Canales, General Manager of Nu México, remarked, "The approval of Nu México's banking license is a recognition of our solid business model and our commitment to financial inclusion. Currently, Nu has earned the trust of nearly a quarter of the banked population in Mexico. With this milestone, we will continue to work on strengthening our differentiated offering, which has already had a significant impact in Mexico by promoting savings and improving access to credit."
Once banking operations begin, Nu will offer higher deposit limits and a payroll account while multiplying deposit insurance coverage by 16 through the Institute for the Protection of Bank Savings (IPAB).
Nu's journey in Mexico began in 2019 when it entered the market and subsequently acquired a SOFIPO in 2022, enabling it to start accepting public deposits. The company applied for its banking license in October 2023, and this approval is the first granted by the regulator in 2025.
Nubank's growth trajectory in Mexico has been impressive. As of the fourth quarter of 2024, Nu had surpassed 10 million clients and amassed $4.5 billion in deposits. The company launched its first product in 2020, a no-fee credit card, and quickly expanded its offerings to include Cuenta Nu, a debit account that reached one million clients in its first month. The account features Cajita Turbo, which boasts a 15% annual yield.
Nu's product portfolio also includes personal loans and secured cards designed to help customers access credit and build their credit history. The company's fully digital business model has enabled it to reach 98% of Mexico's municipalities, including rural areas prioritized by the Federal Government.
Furthermore, Nu has provided nearly half of its customers with their first credit card, fulfilling its commitment to increasing the penetration of financial services and promoting inclusion among Mexicans in the financial system. The transformation into a full bank is seen as key to accelerating this mission.
As one of the largest digital financial services platforms globally, Nu serves over 114 million clients across Brazil, Mexico, and Colombia. The company has led a transformation in the industry by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to combat complexity and empower individuals, Nu supports customers throughout their financial journeys, promoting access and financial advancement through responsible lending practices and transparency.
Nu's impact has been recognized with numerous awards, including being listed among Time's 100 Companies, Fast Company's Most Innovative Companies, and Forbes' Best Banks in the World.
In summary, the approval of Nu México's banking license is a significant step forward for the company and the Mexican financial landscape. With plans to enhance its product offerings and increase financial inclusion, Nu is poised to challenge the status quo and drive innovation in the sector.
