Nubank Moves Closer to Full Banking Licence in Mexico

Brazilian fintech giant Nubank announced on Thursday that its Mexican arm has received initial regulatory approval from the country’s National Banking and Securities Commission to begin the process of becoming a full-service bank.

In a company statement, Nubank, one of the world’s fastest-growing digital lenders, said the next step involves undergoing a “rigorous regulatory audit” before it can secure final authorisation to operate fully as a bank.

Nubank first entered the Mexican market in 2020 with the launch of a no-fee credit card and expanded its services in 2023 with savings accounts. Later that year, the company revealed its intention to obtain a full banking licence to broaden its product offering, enabling services such as direct salary deposits and higher deposit limits for its customers.

Nubank’s rapid growth in Mexico has already seen it attract 10 million customers, according to founder and CEO David Vélez.

Vélez described the move towards becoming a full-service bank as a "landmark achievement that we trust will stimulate further innovation and competition in Mexico," signalling the company’s ambition to deepen its foothold in one of Latin America’s most dynamic financial markets.

If successful, Nubank’s expansion could significantly reshape the Mexican banking landscape, bringing increased digitalisation and greater competition to traditional lenders.