Nu Mexico Approved to Operate as Bank, Awaits Official Notice

Nu Mexico, the Mexican subsidiary of Brazilian fintech giant Nu Holdings, has reportedly received approval to operate as a bank in the country, according to unofficial sources.

The approval was allegedly granted during the latest board meeting of the National Banking and Securities Commission (CNBV). While the company has not officially confirmed the decision, it acknowledged awaiting formal notification.

“Nu Mexico is closely monitoring the decision of the Board of Governors regarding our application to become a bank,” the company stated. “We are waiting for formal notification and will communicate the official resolution as soon as possible, in line with our transparency policy.”

A Reuters report, citing an anonymous government source, indicated that the CNBV authorized Nu Mexico’s banking license. This would position the company alongside over 50 existing banks in Mexico’s concentrated market, dominated by players such as BBVA, Santander, Banorte, Banamex, HSBC, Scotiabank, and Inbursa.

By the end of 2024, Nu Mexico reported more than MX$103 billion in assets, over MX$93 billion in deposits, and nearly MX$20 billion in credit. For context, the entire Sofipo sector reported approximately MX$177 billion in assets, MX$150 billion in deposits, and MX$62.5 billion in loans during the same period.

Currently, Nu Mexico serves 10 million customers. Across Brazil, Colombia, and Mexico, Nu Holdings boasts a user base of approximately 114 million.

If confirmed, Nu Mexico will join fintech companies like Ualá, Plata Card and Revolut, which have already secured authorization to operate as banks in Mexico. Mercado Pago is also in the process of applying for a banking license.