Digital bank Nubankmexican operation, Now Mexicohas received a license to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said on Friday (July 10). press release.
No obtained permission from National Banking and Securities Commission (CNBV), and the company will become a bank in a process supervised by CNBV Bank of Mexico and Ministry of Finance and Public CreditAccording to the statement.
With more than 15 million customers, it will become the largest digital bank in Mexico, the company said.
“The license we have obtained and the growth we have achieved confirm that this model works and has the potential to change the relationship that millions of people have with their money,” founder and global CEO of Nubank. David Velez he said in the release.
Nubank entered the Mexican market in 2019; It launched its first product, a no-fee credit card with customizable financing plans, in 2020; He later added savings accounts, personal loans and secured cards, according to the statement.
Today, Nu has a presence in 98% of Mexico’s municipalities, adds 12,000 new customers daily, and has given 54% of its customers their first credit card, according to the release.
Up to this point, Nu Mexico has operated in the country as a popular financial association (Sofia).
“Obtaining the license after the unprecedented process of transforming from a SOFIPO to a bank is an achievement that we did not reach alone,” Nu Mexico CEO Armando Herrera he said in the release. “We came here alongside millions of Mexicans who have put their trust in No to change the way they do their money.”
Nu Mexico announced in April 2025 that it had received approval Banking license of CNBV and will continue to operate as a SOFIPO while undergoing stringent regulatory review before obtaining a license to commence operations as a bank.
It was reported in November that No was part of a wave of fintech rivals, along with companies such as revolution and Payment marketwhich was intended to put pressure on existing players in Mexico Banking sector To modernize operations and reduce fees.
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