Nubank Clears Its Last Hurdle to Become a Full Bank in Mexico
Banking
Key Facts
—The approval. On 9 July, Mexico’s banking regulator gave Nubank the operations authorization to run as a full multiple bank.
—The clock. Under Mexican rules, Nubank must begin operating as a bank within 30 days of the authorization.
—The last step. The company called it the final and conclusive step of a process that began with its licence approval in April 2025.
—The scale. Nubank has more than 15 million customers in Mexico and is the country’s third-largest financial institution by customer count.
—The prize. Payroll accounts are the target, in a market where only 36% of adults hold one and 90% of those sit with four banks.
—The timing. The nod landed days after Nu committed a further $4.2bn to its Mexican operation.
Nubank Mexico has spent more than a year turning a fintech app into a licensed bank. This week the regulator signed off on the final step, and the clock started ticking.
Nubank is the Brazilian digital bank that grew into the largest outside China. Mexico has long been its most-watched foreign bet.
Now that bet clears its last regulatory gate. The company can operate as a full bank, not a limited savings institution.
What the Nubank Mexico authorization actually is
This is the second of two approvals, and the difference matters. Back in April 2025 the regulator approved Nubank’s banking licence, which let it begin converting into a bank.
What came this week is the operations authorization, the permission to actually switch the bank on. In a filing with the United States securities regulator, Nu called it the final and conclusive step of that transformation.
The regulator granting it is the CNBV, Mexico’s banking and securities commission. It notified the company late on the ninth of July.
A deadline comes attached. Under Mexican banking rules, Nubank must begin operating as a bank within thirty days.
Why the Nubank Mexico licence is worth the wait
The value is in what a full bank can do that a savings institution cannot. Until now Nubank operated in Mexico as a Sofipo, a lighter category that can take deposits but offers a narrower range of products.
A full banking licence unlocks the higher-value business. That means payroll accounts, larger deposit limits and a wider suite of credit and investment products.
Payroll is the real prize, and the numbers show why. Only about thirty-six percent of Mexican adults hold a payroll account, and ninety percent of those are concentrated in just four banks.
Cash still dominates daily life in Mexico, accounting for roughly a third of payments by one industry measure. That leaves a large, underbanked market for a digital challenger to convert.
The growth curve shows the opportunity. Nubank’s Mexican account passed one million customers within a month of its 2023 launch and reached 14 million by the end of last year, on the company’s own figures.
A bet Nubank had just doubled
The timing is striking, because the approval lands right after a fresh show of commitment. Days earlier, this newspaper reported that Nu had put a further four and two tenths billion dollars behind its Mexican operation.
That capital now has a licence to work with. The company already has more than fifteen million customers in Mexico and ranks as the third-largest financial institution there by customer count.
It reached break-even in the country earlier this year, a milestone for an operation that had been a drag on group margins. The full licence is the tool meant to turn that scale into a broader, stickier business.
Nubank is not alone in eyeing the same route. An Argentine financial group has also applied to the CNBV to organise and operate as a multiple bank in Mexico, a sign the digital-banking contest there is intensifying.
Live Company IntelligenceNu Holdings Ltd — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$11.2052-wk high
$18.98
Revenue trend · 6y
Ownership
Dividend
What to watch next
The near-term signal is simple: whether Nubank hits its thirty-day switch-on and how fast payroll accounts follow. Those products are what separate a scaled app from an incumbent bank.
The wider story is Nubank’s push beyond Latin America. It has conditional approval for a United States bank charter and has signalled ambitions further afield, making Mexico a test of whether its model travels. Yet the expansion is not without friction: Bank of America recently cut Nu Holdings to underperform and lowered its price target from $16 to $10, citing the exit of finance chief Guilherme Lago and worries about Brazilian credit quality, a reminder that Wall Street is still pricing the risk behind the global ambition.
For a foreign investor the read is about conversion, not just scale. Fifteen million customers and a full licence are the ingredients, but the return depends on how many of those customers move their salaries, not just their spare cash, into the app.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
What did Nubank receive in Mexico?
It received the operations authorization from the Mexican regulator CNBV, the final permission needed to run as a full multiple bank. This follows its banking licence approval in April 2025 and requires the company to begin operating as a bank within thirty days.
How is this different from what Nubank did before in Mexico?
Nubank previously operated as a Sofipo, a savings institution that can take deposits but offers a narrower product range. As a full bank it can add payroll accounts, higher deposit limits and a broader set of credit and investment products.
How big is Nubank in Mexico?
It has more than fifteen million customers and is the third-largest financial institution in Mexico by customer count. The operation reached break-even earlier this year, and the group recently committed a further four and two tenths billion dollars to it.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times