Nubank Obtains Full Banking License in Mexico

Brazilian digital bank Nubank's parent company Nu Holdings has received a formal banking license from Mexico's financial regulator, allowing it to offer payroll accounts, checking accounts, high-limit deposits, and more loan services.

Since entering Mexico in 2019, Nubank has served over 15 million customers, representing 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.

In market dynamics, low-cost local deposits will replace some wholesale financing, leading to lower funding costs and intensifying competition between Nubank and traditional banks as well as fintechs like Revolut and Klar. The market share in Mexico's retail banking is rapidly shifting towards digital platforms.

Source: Public Information