Nubank's Landmark Move: Pioneering a Banking Revolution in Mexico

Brazilian fintech Nubank secures regulatory approval to transition its Mexico arm into a full-service bank. With a focus on expanding services like handling direct salary deposits, Nubank aims to innovate and enhance competition in Mexico's financial sector, already serving 10 million customers there.

MEXICO CITY - Brazilian fintech giant Nubank announced regulatory approval from the Mexican National Banking and Securities Commission to commence its transition into a full-service bank in Mexico. This crucial step marks Nubank's evolving presence in Latin America's banking industry.

Nubank, renowned as one of the fastest-growing digital lenders globally, emphasizes that securing a full banking license involves a 'rigorous regulatory audit' before the final go-ahead. Since its inception in Mexico, Nubank introduced a no-fee credit card in 2020, followed by savings accounts in 2023.

Founder and CEO David Velez labeled this transition a 'landmark achievement,' which he anticipates will foster innovation and competition in the sector. Already boasting 10 million customers, Nubank's strides in financial services promise a dynamic shift for Mexico's banking landscape.

(With inputs from agencies.)