The National Banking and Securities Commission (CNBV) has approved Nu Mexico’s banking licence, enabling the firm to evolve from a so-called Popular Financial Society into a full-service bank.
It will now undergo a “rigorous regulatory audit” ahead of obtaining authorisation to begin operations.
Nubank entered Mexico with the rollout of a no-fee credit card in 2020 and has since added a debit account, savings accounts, and personal loans, helping it win more than 10 million customers and $4.5 billion in deposits by the end of 2024.
The banking licence will allow it to expand its product range, with the introduction of a payroll account on the horizon.
Iván Canales, GM, Nu Mexico, says: “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.”
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