Nu Mexico banking transformation and license scrutiny

In July 2026, Mexico’s fintech‑focused firm Nu México received a full‑service banking licence from the Comisión Nacional Bancaria y de Valores, completing a transition that began in October 2023. The approval made Nu the first Sofipo to become a multiple‑bank institution. The company said its 15 million customers would see no changes to the app, cards, rates or existing contracts, while gaining new capabilities such as unlimited account operations, higher deposit‑insurance coverage and the ability to offer checking accounts, mortgage loans and SME financing. By the end of March 2026, Nu reported a 33 billion‑peso portfolio and $5.9 billion in deposits, achieving financial break‑even in Q1 2026 and confirming a US$4.2 billion investment plan through 2030.

Following the licence, Nu scheduled the start of its full banking services for 6 August 2026. A mandatory technical migration on 5 August caused a temporary outage of the mobile app and inter‑bank SPEI transfers, though debit and credit cards remained operational and a support line stayed open. Customers were warned in advance to complete any transfers or document downloads before the outage. The launch upgrades Nu from a Sociedad Financiera Popular to a fully regulated bank, expanding deposit‑insurance coverage and product range, and is expected to give it the largest digital‑bank user base in Mexico.

In August 2026, the banking licence faced scrutiny regarding extraordinary contributions made to the Prosofipo protection fund. Reports indicate that during its transition, Nu provided 443 million pesos toward a 512 million peso extraordinary quota intended to stabilize the fund following the revocation of other financial institutions. While such payments are not explicitly required by the Law of Credit Institutions, it has been suggested that authorities may have indicated that covering the quota would be considered during the authorization process.