Nu Mexico, a subsidiary of Nubank, has received approval for a banking licence from the National Banking and Securities Commission (CNBV).
Following this approval, Nu Mexico will begin the transformation process from a Popular Financial Society (SOFIPO) into a bank. While this will require the company to undergo a regulatory audit, Nu Mexico states that the process will not affect its customers.
This marks a first for the country, as no other SOFIPO has previously obtained approval to transition into a bank, an achievement that David Vélez, CEO and Founder of Nubank, attributes to the company’s mission of challenging the status quo.
“Mexico is a key pillar of our global strategy. We’ve already made significant progress in terms of growth, reaching over 10 million customers in the country. We have invested over $1.4bn in the market, not only to scale our presence, but also towards driving innovation and elevating the standards in the local financial sector,” Vélez said.
“Our mission to challenge the status quo for the benefit of our customers has led us to pioneer the transition from SOFIPO to bank, a landmark achievement that we trust will stimulate further innovation and competition in Mexico.”
As a bank, Nu Mexico will be able to expand its product portfolio. New products earmarked for launch include increased deposit limits, a payroll account and expanded deposit insurance, multiplied 16 times through the Institute for the Protection of Bank Savings (IPAB).
A major part of Nubank’s mission in Mexico has been to boost financial inclusion. According to the 2024 National Financial Inclusion Survey, only 36% of adults in Mexico have a payroll account, with almost 90% of accounts concentrated in just five banks.
Iván Canales, General Manager of Nu Mexico, stated: “The approval of Nu Mexico’s banking licence is a recognition of our solid business model and an acknowledgement of our commitment to financial inclusion.
“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.”
