Nu Mexico has received authorisation from Mexico's National Banking and Securities Commission (CNBV) to operate as a bank.
The approval marks the conversion of Nu Mexico's licence from a SOFIPO (a limited-purpose popular financial company) to a full banking institution, a transition the company must complete within 30 calendar days under current regulation.
According to the official press release, during the 30-day transformation period, customer-facing operations are expected to remain unchanged. At the same time, the company said support channels will continue to be available 24/7 through its app while the conversion to a bank licence is finalised.
Financial performance and investment plans
Nu Mexico reached breakeven in the first quarter of 2026, reporting an improvement in its efficiency ratio of 78 percentage points and deposits surpassing USD 5.9 billion. Nubank, the group's Brazil-based parent company, has outlined a total planned investment in Mexico of USD 4.2 billion through 2030, part of a broader strategy the company describes as a long-term commitment to the market.
Nubank entered Mexico in 2019 as part of its international expansion beyond Brazil, where the group is headquartered.
Nu Mexico launched its first product, a no-fee credit card with customisable financing terms, in 2020. The company subsequently introduced a savings account, Cuenta Nu, followed by additional features including Cajita Turbo, a yield-bearing savings tool, and Scam Alert, a fraud-monitoring feature. Its current product range also includes personal loans and secured credit cards aimed at customers building a credit history.
Regulatory and market context
The move from a SOFIPO structure to a full bank licence brings Nu Mexico under the direct prudential supervision applied to Mexican banks, overseen jointly by the CNBV, Banco de México, and the finance ministry. The authorisation follows several years of growth for Nu Mexico under its non-bank licence and positions the company to expand its regulated product offering as it works towards its 2030 investment target.
