Brazilian fintech giant Nubank has received approval from Mexican regulators to become a bank in the country.
The National Banking and Securities Commission (CNBV) has granted Nu Mexico a banking license, allowing the firm to transition from a Popular Financial Society to a full-service bank. It will now undergo a “rigorous regulatory audit” before receiving authorization to commence operations.
Nubank entered Mexico in 2020 by launching a no-fee credit card and has since added debit accounts, savings accounts, and personal loans. This expansion has attracted over 10 million customers and $4.5 billion in deposits as of the end of 2024. The new banking license will enable it to broaden its product offerings, including the introduction of a payroll account.
Iván Canales, GM of Nu Mexico, stated, “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.”