Nubank Unit Secures Authorization to Become Mexican Bank

Digital bank Nubank's Mexican operation, Nu Mexico, has received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said in a Friday (July 10) press release. Nu received the authorization from the National Banking and Securities Commission (CNBV), and the company will become a bank in a process supervised the CNBV, the Bank of Mexico and the Ministry of Finance and Public Credit, according to the release. The company said that with more than 15 million customers, it will become the largest digital bank in Mexico. Nubank entered the Mexican market in 2019; launched its first product, a no-fee credit card with customizable finance plans, in 2020; and later added a savings account, personal loans and secured cards, according to the release. Today, Nu has a presence in 98% of Mexico's municipalities, adds 12,000 new customers per day, and has given 54% of its customers their first credit card, per the release. To this point, Nu Mexico has operated in the country as a Popular Financial Society (SOFIPO).