NU gets approval in Mexico to operate as a bank

The National Banking and Securities Commission (CNBV) granted final authorization for NU to operate as a bank in Mexico; the institution led by Armando Herrera has 30 calendar days to complete its transformation.

“Mexico is a key market for Nubank, and this is a decisive step in our long-term commitment to the country, with a projected total investment of US$4.2 billion by 2030,” said David Velez, founder and Global CEO of Nubank.

Velez met with Mayor Claudia Sheinbaum and Finance Secretary Edgar Amador Zamora, during which they discussed the challenges of a digital economy, according to a social media post by Armando Herrera.

Nu México has more than 15 million users and reached break even in the first quarter of the year, with US$5.9 billion in deposits, thereby accelerating its business model even faster than it did in Brazil, its country of origin.

“In seven years, Nu achieved a scale in Mexico that previously took decades: today it adds 12,000 new customers per day, has a presence in 98% of the country’s municipalities, has issued its first credit card to 54% of its customers, and has encouraged savings among 60% of its users,” the company stated in a press release.