Nubank Receives Banking License in Mexico, Plans to Accelerate Expansion

Nubank's parent company, Nu Holdings, has been granted a banking license by Mexico's financial regulator, Comision Nacional Bancaria y de Valores, allowing it to offer services such as payroll accounts, checking accounts, and loan products. Since entering Mexico in 2019, Nubank has invested billions of dollars and has over 15 million customers, accounting for about 15% of the local adult population. Founder and global CEO David Vélez expects total investment in Mexico to reach approximately $4.2 billion by 2030. The acquisition of a banking license will help Nubank replace some wholesale financing with low-cost deposits and compete directly with traditional banks and fintech companies in Mexico.

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