Nu México Receives Full Banking License From CNBV, SHCP

Nu México has transitioned from a financial society to a fully licensed commercial bank following authorization from the National Banking and Securities Commission and the Ministry of Finance and Public Credit. This regulatory shift allows the Nubank subsidiary to significantly expand its deposit-taking and credit underwriting capabilities in a market where 60% of adults lack formal digital services. The move is backed by a multi-billion dollar investment plan, signaling a major competitive shift for traditional commercial banks operating in Mexico's financial ecosystem.

Nu México, the subsidiary of Brazil-based fintech giant Nubank, has officially secured commercial banking authorization from Mexico’s National Banking and Securities Commission (CNBV) and the Ministry of Finance and Public Credit (SHCP). This transition from a Popular Financial Society (Sofipo) to a full banking charter removes previous regulatory restrictions on asset capacity and funding mechanisms. David Vélez, founder and CEO of Nubank, met with Mexican President Claudia Sheinbaum to discuss the authorization, noting that the move confirms the efficiency of the firm’s financial model and its potential to transform how millions of Mexicans manage their daily finances.

To support this expansion, Nubank has formalized a US$4.2 billion long-term investment plan in Mexico through 2030, with US$2.5 billion specifically earmarked for capital expenditures over the next four years. These funds are intended to scale digital infrastructure, optimize technological capabilities, and attract executive talent as the firm seeks to capture the 60% of the Mexican adult population that remains unbanked. Armando Herrera, General Manager of Nu México, attributed the successful licensing to extensive collaboration with regulators and the trust of the company's rapidly growing local client base.

The scale of Nu México’s operations is already significant, with the company reporting over 15 million active clients as of April 2026, representing 15% of the country’s total adult demographic. The platform maintains a high onboarding velocity of approximately 12,000 new users per day and has achieved a geographical penetration rate covering 98% of Mexican municipalities. Furthermore, 54% of its active customers received their first formal credit card through the app, highlighting the bank's role in driving financial inclusion.

Following the announcement, Nubank’s shares rose by 2.34% on the New York Stock Exchange, bringing the company’s total market capitalization to over US$66 billion. This growth reflects the firm’s broader success across Latin America, where its total user base in Brazil, Colombia, and Mexico is approaching 135 million customers. For the commercial banking sector, Nu México’s new status intensifies competitive pressures on traditional brick-and-mortar institutions by allowing the digital platform to offer high-yield deposit accounts and more sophisticated credit underwriting algorithms.