Nu México, the Mexican subsidiary of Brazilian digital financial services platform Nubank, has officially received its banking license from the Comisión Nacional Bancaria y de Valores (CNBV) after an 18-month wait. This milestone marks Nu as the first Sociedad Financiera Popular (Sofipo) in Mexico to achieve such approval, paving the way for increased competition in the country’s financial sector.
During a press conference on April 24, 2025, Iván Canales, the general director of Nu México, expressed the company’s commitment to continue investing in the Mexican market, which he described as a key area for the firm. “Mexico is one of the key countries for our Brazilian company, and investments will continue,” he stated, though he did not disclose specific investment amounts.
Romina Benvenuti, the legal director of Nu, added that the company is preparing to formally request an audit from the CNBV to initiate operations, although the exact date for this process remains undetermined. Following this audit, permits will be granted to start operations as a bank.
Canales highlighted that in Brazil, Nubank reached its break-even point in eight years but did not specify how long it would take to achieve the same in Mexico. “Our global costs are much lower, which will allow us a profitable model,” he said.
The transition from a Sofipo to a full banking institution will enable Nu to offer a wider array of services. While current customers will not see immediate changes to their accounts, the company plans to increase credit lines, introduce payroll products, enhance deposit protections through the Instituto para la Protección al Ahorro Bancario (IPAB), and provide offerings for small and medium enterprises (SMEs).
Nu México has seen considerable growth since its entry into the Mexican market in 2019, currently boasting over 10 million clients. The company reported a staggering MXN$103.344 million in deposits as of February 2025, reflecting a 225% increase compared to the same month in 2024. However, the growth in credit has been slower, with a total credit portfolio of MXN$19.656 million, marking a 43% annual growth.
“We expect to have more deposits than credit portfolios in the coming months, but we are working to expand our credit portfolio within the country,” Canales noted, emphasizing the significant opportunity for credit access in Mexico.
The approval of the banking license is a substantial recognition of Nu’s robust business model and its commitment to financial inclusion. Currently, only 36% of adults in Mexico have a payroll account, a service that Nu plans to introduce, which could greatly enhance access to financial services.
David Vélez, founder and CEO of Nubank, stated that Mexico is a crucial pillar of their global strategy, having invested over $1.4 billion in the market. “Our mission to challenge the status quo for the benefit of our customers has led us to pioneer the transformation from Sofipo to bank, a historic achievement that we believe will further stimulate innovation and competition in Mexico,” he remarked.
As Nu prepares to complete its transformation, it will undergo a rigorous audit process mandated by the CNBV, which is a standard requirement for new banking institutions in Mexico. The timeline for this audit is uncertain, as it depends on the regulator's schedule. Historical data indicates that recent banks in Mexico have taken over a year to receive authorization to start operations after obtaining their banking licenses.
Despite the excitement surrounding the banking license, Canales cautioned that the approval does not mean Nu will immediately begin operating as a bank. The company will work closely with regulatory authorities in the coming months to ensure a smooth transition. “We will collaborate closely with regulatory authorities to guarantee a seamless transition and compliance with all regulations,” he stated.
Once operational as a bank, Nu plans to offer higher deposit limits and a payroll account, multiplying deposit insurance coverage through the IPAB by sixteen. This move is anticipated to significantly enhance financial protection for its customers.
In a statement, Canales emphasized the importance of this transition, saying, “With this milestone, we will continue to strengthen our differentiated offerings, which have already had a significant impact in Mexico by promoting savings and improving access to credit.”
As Nu navigates this new chapter, it remains committed to maintaining competitive interest rates on savings accounts, even amidst a climate of interest rate cuts implemented by Banxico since 2024.
In summary, Nu México's journey from a Sofipo to a banking institution represents a significant shift in the Mexican financial landscape, promising to enhance competition and broaden access to financial services for millions of Mexicans. As the company prepares for its next steps, it aims to reaffirm its role as a leader in financial innovation and inclusion in the region.
