Nu Bank launches full‑service operations in Mexico

Nu Bank officially converted from a Sociedad Financiera Popular (Sofipo) to a full‑service bank in Mexico on 6 August, after receiving authorization from the Comisión Nacional Bancaria y de Valores (CNBV). The transition follows a three‑year licensing process and is backed by a 19 billion‑peso investment, giving the institution about 120 billion pesos in assets and placing it among the 25 largest banks in the country.

The new bank will remain entirely digital, with no physical branches, and will continue offering its existing accounts, credit cards and high‑yield savings products. Deposit protection has increased dramatically: coverage moves from 25 thousand UDIS under the Sofipo regime to up to 400 thousand UDIS per person under the Instituto para la Protección al Ahorro Bancario (IPAB). A brief five‑hour outage of the mobile app occurred during the transition, after which services resumed normally.

Armando Herrera, CEO of Nu México, highlighted that the change expands the firm’s ability to provide payroll accounts, broader credit options and other financial solutions while preserving its no‑fee, digital‑first model.