Nu Officially Launches as a Licensed Bank in Mexico
Nu officially launched as a multiple banking institution in Mexico on Aug 6, 2026, completing a transformation from a Sociedad Financiera Popular (Sofipo). The CNBV granted authorization less than a month before the launch, closing a licensing process that began nearly three years earlier. Nu enters full banking operations backed by 19,000 million MXP in investment and a base of 15 million customers, with more than 120,000 million MXP in assets.
The new license allows Nu to expand its product lineup to include payroll accounts, broader credit offerings, and additional financial solutions. Customer deposits now qualify for protection under Mexico's deposit insurance agency, IPAB, a benefit unavailable under the Sofipo structure. Nu will maintain its fully digital model with no physical branches, and it plans to keep its no-fee, no-annual-charge approach alongside competitive savings yields.
- Nu's own banking license in Mexico reduces its need for BaaS partners and signals maturation of major fintechs toward self-chartered models
- Intensifies competition for incumbent Mexican banks and BaaS providers serving the consumer digital banking segment in Latin America