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Nu will continue operating as a SOFIPO during its transformation process, providing the same seamless user experience ahead of beginning operations as a bank
The license marks a key step for Nu to increase competition in the highly concentrated Mexican banking market
MEXICO CITY, April 24, 2025--(BUSINESS WIRE)--Nu Mexico, a subsidiary of Nubank, announced today the approval of its banking license by the National Banking and Securities Commission (CNBV). With this milestone, Nu has become the first Popular Financial Society (SOFIPO) to obtain approval to transform into a bank, opening the path to increased competition in the Mexican financial sector. This milestone brings the company closer to expanding its product portfolio, including the introduction of a payroll account, a key opportunity to increase financial inclusion in Mexico where only 36% of adults have this financial instrument (National Financial Inclusion Survey, 2024), with 90% concentrated in just four banks.
"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 $1.4 billion in the market, not only to scale our presence, but also towards driving innovation and elevating the standards in the local financial sector. 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," stated David Velez, CEO and founder of Nubank.
In order to complete its transformation into a bank, Nu Mexico will undergo a rigorous regulatory audit ahead of obtaining authorization to begin operations. During this period, Nu Mexico's customers will continue to enjoy the same seamless user experience.
"The approval of Nu Mexico’s banking license is a recognition of our solid business model and an acknowledgment 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," stated Iván Canales, General Manager of Nu Mexico.
The company will expand its positive impact in the country by offering increased deposit limits and a payroll account, as well as multiplying deposit insurance coverage by 16 times through the Institute for the Protection of Bank Savings (IPAB), once it begins banking operations.