Nu Mexico Authorized to Operate as a Bank, Expanding Financial Services

Nu Mexico has officially transitioned to operating as a multiple banking institution in Mexico, a significant regulatory milestone authorized by the National Banking and Securities Commission (CNBV). This move allows the fintech firm, formerly known as a Popular Financial Society (Sofipo), to broaden its financial services in the country.

David Velez, founder and global CEO of Nubank, expressed enthusiasm for the authorization, stating it confirms the viability of their model and its potential to transform how millions interact with their money. He highlighted Mexico as a key market and this authorization as a decisive step in their long-term commitment, projecting a total investment of $4.2 billion by 2030.

The transition will be gradual, with customers continuing to use the same application without immediate changes to their user experience. The new banking status will enable Nu Mexico to offer higher deposit limits, bolster customer fund protection with IPAB deposit insurance, and introduce new products such as payroll accounts and a wider range of banking services. The company initiated the process for a banking license in October 2023 and received authorization to establish itself as a multiple banking institution in April 2025, subsequently completing all required audits and operational demands.

In Mexico, Nu serves 15 million customers with savings, credit, and debit products. The company emphasizes its rapid growth over seven years, attracting 12,000 new customers daily, reaching 98% of the country's municipalities, and providing credit cards to 54% of its clients while promoting savings among 60% of its users. Nu Mexico has 30 days to finalize its transformation into a bank, during which it will maintain clear communication with its customers regarding the next steps.

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The authorization we received and the growth we have achieved confirm that this model works and has the potential to transform the relationship of millions of people with their money. Mexico is a key market for Nubank and this is a decisive step in our long-term bet in the country, with a total projected investment of 4.2 billion dollars by 2030.