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Nu Mexico Secures Banking Licence, Plans Product Expansion
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Mexico City — April 25, 2025 — In a significant development for the Mexican financial sector, Nu Mexico has secured a banking license, announced today. The approval allows the digital banking arm of Nubank to expand its services. the newly acquired license is the first granted in 2025. The recent granting of the banking license is a clear sign of the institution’s commitment.
Nu Mexico Secures Banking Licence, Plans Product Expansion
Mexico City – Nu Mexico, the Mexican arm of Brazilian digital banking giant Nubank (NU), has been granted a long-awaited banking license after nearly two years of anticipation. This pivotal approval paves the way for Nu Mexico to broaden it’s financial offerings, notably introducing payroll accounts to its suite of services.
Strategic Growth and Investment
Nu’s journey in Mexico began in 2019. In 2022, the company strategically acquired a Sociedad Financiera Popular (Sofipo), a popular financial society.This acquisition enabled Nu to start accepting public deposits, marking a significant step in its expansion strategy.
Did You Know?
A Sofipo in Mexico is a type of financial institution that focuses on providing services to underserved populations, ofen offering savings and credit options to those excluded from conventional banking services.
The formal application for a banking license was submitted to the National Banking and Securities Commission (CNBV) in October 2023.
A Milestone Achievement
The newly acquired license distinguishes Nu Mexico as the first sofipo to transition into a fully licensed banking institution. This transition underscores Nu’s commitment to innovation and growth within the Mexican financial landscape.
This approval brings the company to the expansion of its product portfolio, including the introduction of a payroll account.
Iván Canales leads the company’s operations in Mexico.
Mexico: A Key Market
David Vélez,CEO and founder of Nubank,emphasized the strategic importance of Mexico in the bank’s global vision.
We have seen great progress in terms of growth when reaching more than 10 million customers and we have invested more than US $ 1.4 billion in the market.
David Vélez, CEO and Founder of Nubank
Nubank’s ample investment reflects its confidence in the Mexican market’s potential.
High Expectations for Profitability
Nubank anticipates that its Mexican operations could surpass the profitability of its Brazilian headquarters, driven by the robust demand for diverse financial products and services in Mexico.
Pro Tip
Mexico’s banking penetration is relatively low compared to other developed nations, presenting a significant prospect for digital banks like Nu to capture a larger share of the market by offering accessible and innovative financial solutions.
Cristina Junqueira, the co-founder and growth director of nubank, told Bloomberg Linea in 2024 that there is no time limit to wait for profitability in Mexico.
Regulatory Scrutiny Ahead
before commencing full banking operations, nu Mexico will undergo a rigorous regulatory audit
.This process ensures compliance with all regulatory standards and safeguards the interests of its customers. The company will maintain its current operational structure during this audit.
First License of 2025
Nu Mexico’s banking license is the first granted by regulators in 2025. the most recent prior approval was issued to Plata Card in December of the previous year. This regulatory activity highlights the increasing interest in establishing new banking entities to foster competition in a market characterized by relatively low banking penetration.
