Nubank secures Mexican banking license, set to launch full bank operations

Mexico’s financial regulator CNBV has granted Nubank’s Mexican unit, Nu, a full banking license, allowing it to convert from a Sofipo to a bank within 30 days. The approval makes Nu the third‑largest credit‑card issuer in Mexico and expands the country’s banking landscape to 54 institutions.

Nubank plans to invest US$4.2 billion in its Mexican operations through 2030, aiming to broaden product offerings such as payroll accounts, higher‑value credit, and other digital banking services. CEO David Vélez highlighted the move as a validation of the fintech model and an opportunity to deepen financial inclusion, noting that 78% of Nu’s users live outside major cities. The company recently met with President Claudia Sheinbaum, underscoring the strategic importance of the Mexican market.

The new license positions Nubank to compete directly with traditional banks like BBVA, Banorte and Santander, offering a stable, lower‑cost funding source through deposits and reducing reliance on wholesale financing.