Digital banking giant Nubank’s Mexican operation, Nu Mexico, has secured the crucial authorization to commence operations as a fully-fledged bank. The company, which already serves more than 15 million customers, now has 30 calendar days to finalize its transformation, a strategic move positioning it to become the largest digital bank in Mexico.
Regulatory Milestone and Market Impact
The authorization was officially granted by the National Banking and Securities Commission (CNBV), marking a significant regulatory milestone for the FinTech challenger. Nu Mexico’s transition into a bank will be meticulously supervised by the CNBV, the Bank of Mexico, and the Ministry of Finance and Public Credit, as detailed in a Friday (July 10) press release. This formal banking status is expected to deepen Nu’s penetration into the Mexican financial landscape.
David Vélez, Nubank Founder and Global CEO, emphasized the broader implications, stating, “The authorization we receive 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.”
Growth Trajectory and Product Evolution
Nubank entered the Mexican market in 2019, launching its first product, a no-fee credit card with customizable finance plans, in 2020. Since then, Nu Mexico has expanded its offerings to include savings accounts, personal loans, and secured cards. The company’s rapid expansion is evident in its operational reach, boasting a presence in 98% of Mexico’s municipalities.
According to the release, Nu Mexico is adding approximately 12,000 new customers daily. Its impact on financial inclusion is notable, with 54% of its customers having received their very first credit card through Nu, highlighting its role in bringing previously underserved populations into the formal financial system.
Transition from SOFIPO and Competitive Landscape
Prior to this pivotal authorization, Nu Mexico operated as a Popular Financial Society (SOFIPO). The transformation from a SOFIPO into a full bank represents an “unprecedented process,” as highlighted by Nu Mexico CEO Armando Herrera. He remarked, “Receiving authorization after an unprecedented process of transforming from a SOFIPO into a bank is a milestone we have not reached alone. We got here alongside millions of Mexicans who have placed their trust in Nu to transform the way they relate to their money.”
The company had previously announced in April 2025 (as per the source) that it received initial approval for its banking license from the CNBV, followed by a rigorous regulatory audit. This development firmly places Nu Mexico among a dynamic wave of FinTech challengers, including Revolut and Mercado Pago, which are collectively exerting pressure on established players within Mexico’s traditional banking sector to modernize operations and reduce fees.
Nu Mexico’s official transition to a bank status underscores the evolving dynamics of the Mexican financial sector, signaling a new era of intensified competition and expanded digital financial services for millions of consumers. This strategic move is poised to solidify Nu’s position as a dominant force in the region’s burgeoning digital banking revolution.
