Nu Mexico Marks 6 Years, 10 Million Users, Awaits Banking License

In January, Nu Mexico announced it had reached 10 million users in the country, doubling its customer base over the past year. The fintech recently celebrated its sixth anniversary. While expanding its product portfolio, it is still awaiting approval for its banking license. 

“When we arrived in Mexico, we saw a major opportunity in financial inclusion,” said Iván Canales, CEO, Nu Mexico. “Today, 12% of the Mexican population and 23% of banked individuals are Nu customers.” The company has introduced products designed to simplify banking, such as credit cards, personal loans, and Cuenta Nu, which attracted 1 million deposit customers within a month of its 2023 launch.

“We are proud of how our presence has increased competition, improved interest rates, and expanded access to credit,” added Canales. “Our mission is to drive the financial ecosystem forward.”

In 2022, Nu Mexico transitioned into a regulated entity (SOFIPO) to strengthen trust and financial security. “Becoming a SOFIPO was a critical milestone, enabling us to operate under oversight from Banxico, CNBV, CONDUSEF, and FINE,” said Fernando Campos, CFO, Nu Mexico.

The company now holds over 50% of SOFIPO sector assets, accounts for 60% of total deposits, and serves 40% of sector customers. “Our rapid growth reflects the demand for simple, digital, and accessible financial solutions in Mexico,” Campos noted. Nu Mexico applied for a banking license in October 2023, with plans to offer payroll portability, streamlining salary deposits for its users.

Since its inception, Nu Mexico has focused on reducing barriers to credit access. Its flagship product, the Moradita credit card, features no hidden fees, no annual costs, and a seamless digital experience. Following a “low and grow” model, the company gradually increases credit limits for customers who demonstrate responsible financial habits, explained Claudia Alva, Director of Product and Technology at Nu Mexico.

In 2023, Nu introduced a guaranteed credit card targeting individuals previously denied by traditional banks. “This product offers a second chance to those without credit histories or who have faced financial exclusion, helping them build strong credit profiles,” Alva said.

Nu Mexico’s growth has significantly shaped the financial ecosystem. According to the company, 50% of its customers gained access to credit for the first time through its platform. Moreover, Nu now operates in 98% of Mexico’s municipalities, serving populations with little to no prior access to financial services.

According to the National Financial Inclusion Survey (ENIF), only 37% of adults have access to credit, although this figure has risen by 5% since 2021. “We are witnessing tangible progress—more people are using digital banking services, and fewer are denied credit. This demonstrates our impact on financial inclusion,” Alva concluded.