Fintech Nu Receives Authorization to Operate as a Bank in Mexico

Digital financial services firm Nu Mexico announced Thursday it has received authorization from the National Banking and Securities Commission (CNBV) to begin operating as a bank. This move positions Nu Mexico as the country's largest digital bank based on its customer base.

The authorization marks the culmination of a transformation process from a Popular Financial Society (Sofipo) to a banking institution, overseen by the CNBV, Bank of Mexico, and the Ministry of Finance and Public Credit. With over 15 million clients, the Brazilian-origin company stated it has captured approximately 15% of Mexico's adult population and has a presence in 98% of the country's municipalities.

"We are building a new way of doing financial services in Mexico, truly centered on people," said David Vélez, founder and global CEO of Nubank. "The authorization we received and the growth we have achieved confirm that this model works and has the potential to transform the relationship millions of people have with their money."

Vélez highlighted Mexico as a strategic market, announcing a projected investment of $4.2 billion by 2030. Nu Mexico reported reaching financial breakeven in the country during the first quarter of 2026, improving its efficiency ratio by 78 percentage points and surpassing $5.9 billion in deposits. The company has 30 days to formally complete its transformation into a bank.