Nu Net Income Hits US$1.1 Billion in 2Q26 as Mexico Bank Launches

Nu Holdings achieved a record quarterly net income of US$1.1 billion in 2Q26 while completing its regulatory transition to a licensed commercial bank in Mexico. This development strengthens digital financial infrastructure in a market where 60% of the population remains unbanked, allowing Nu to expand deposit and lending products under a unified banking charter. The shift impacts commercial banks, fintech competitors, regulatory authorities, and 16 million Mexican consumers as Nu deploys a US$4.2 billion investment commitment through 2030.

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Nu Holdings posted a record quarterly net income of US$1.1 billion in 2Q26, marking a 17% increase from the first quarter and a 49% expansion year-on-year. The financial technology giant added approximately 4 million customers during the period to reach 139 million users globally, while officially launching commercial banking operations in Mexico. With its transformation into a fully licensed bank, Nu México established itself as the country's largest digital bank, serving 15.8 million clients at the end of June and reaching 16 million users by July.

"Thirteen years ago we started with a simple hypothesis: a bank built on technology, without branches and without a legacy to defend, could serve hundreds of millions of people better, and at a fraction of the cost," said David Vélez, Founder and Global CEO of Nubank. "That is no longer a hypothesis, and today we are generating over a billion dollars in quarterly net income." Vélez noted that launching the bank in Mexico completes the institution's transformation from a credit-focused fintech into a full-scale financial institution, unlocking operational capabilities previously unavailable under its former regulatory structure.

Nu Holdings reported sustained expansion across key performance metrics, including higher interest income, credit portfolio expansion, and robust deposit growth. The company's 15-to-90-day non-performing loan (NPL) ratio improved to 4.8% in the second quarter, while its over-90-day NPL ratio rose to 6.9%. Regional customer growth was led by Brazil with nearly 118 million users, followed by Mexico with 16 million, and Colombia with over 5 million customers. 

In Mexico, Nu now reaches 16.5% of the adult population, a market penetration level comparable to Brazil in 2020. Local market dynamics show rapid digital adoption, with Electronic Interbank Payment System (SPEI) transfers under US$5 growing over 60% in the first half of 2026, supported by updated central bank regulations designed to standardize payment rails and enhance network effects.

Full Bank Authorization and Commercial Launch

During 2Q26, Nu México officially announced it would initiate commercial banking operations on Aug. 6, 2026, following final regulatory authorization granted in early July by the National Banking and Securities Commission (CNBV) and the Ministry of Finance and Public Credit (SHCP). Operating under a commercial banking license allows Nu México to significantly diversify its financial offerings by expanding its lending operations, introducing high-yield deposit accounts, and optimizing credit underwriting algorithms. Furthermore, transitioning from the Sofipo framework removes balance-sheet restrictions and expands deposit insurance protections, positioning digital institutions to capture payroll accounts and high-volume corporate transactions.

"This milestone is a starting point to continue closely accompanying our customers," said Armando Herrera, CEO of Nu México. "Operating as a bank gives us the tools to evolve alongside them, maintaining the same essence, simplicity, and transparency as always, now with more possibilities. We remain ambitious to consolidate ourselves as Mexico's most loved bank." 

According to company figures, Nu customers in Mexico have saved approximately MX$48.5 billion (US$2.78 billion) in fees, annual charges, and transfer costs through its fee-free digital model. Approximately 60% of Nu clients report using less cash, while 86% rate the platform's impact on their financial stability as high. The platform maintains an onboarding velocity of nearly 12,000 new users per day, achieving municipal coverage across 98% of the country, with 54% of active clients receiving their first formal credit card through the application.

US$4.2 Billion Investment Commitment with Sheinbaum

Ahead of its commercial launch, David Vélez met with Mexican President Claudia Sheinbaum at the National Palace to formalize a US$4.2 billion investment commitment in Mexico spanning the 2026–2030 period. The long-term capital allocation plan dedicates US$2.5 billion specifically for capital expenditures over the next four fiscal years. According to company executives, the invested capital will fund technological infrastructure upgrades, talent acquisition, operational scaling, and employee development to support sustained growth.

The investment plan reinforces Nu's position as one of Mexico's five largest financial institutions and the country's third-largest credit card issuer. Following the regulatory clearance, Wall Street responded positively, with Nu Holdings shares advancing 2.34% on the New York Stock Exchange (NYSE), pushing the global financial technology firm's market capitalization past US$66 billion as its total Latin American user base approaches 135 million active customers.