With 12 million clients enrolled, fintech Nu Mexico closes in on acheiving bank status

Nubank, Latin America’s biggest fiscal exertion (fintech) company, has grown to 12 cardinal customers successful its six years successful Mexico and is connected its mode to achieving slope status, the fintech announced connected Wednesday.

Nu was founded successful Brazil successful 2013 and entered the Mexican marketplace successful 2019. It has go 1 of Mexico’s largest fiscal institutions, providing services to 9% of the colonisation and 25% of those with banking services.

Romina Benvenuti, Nu Mexico’s manager of public, regulatory, and ineligible affairs, said that the fig represents a maturation of 1 cardinal customers successful conscionable 1 quarter.

“This represents a large milestone for america because, archetypal of all, it means that much Mexicans proceed to spot our fiscal services offering and … recognize that our products are simple, intuitive, embedded successful fiscal education, and invaluable and they are utilizing them,” Benvenuti told the quality siteEl Economista.

Nubank began by offering consumers a no-fee recognition card, backed by investors that included Warren Buffett’s Berkshire Hathaway firm. This attack has appealed to customers crossed Latin America who could not summation entree to accepted banking services.

Approximately 22% of Nu Mexico customers accessed the fiscal strategy with Nu, and 36% reported having been rejected by different institutions, according to a caller Nu interaction study.

Nu has grown rapidly by catering to customers with constricted entree to accepted banking. (Nubank)

Around 50% of Mexico’s 130 cardinal colonisation does not presently clasp a slope account.

Roughly 45% of Nu’s customers are women, and 50% reported earning little than 10,000 pesos (US $540) per month. Meanwhile, 4 retired of 10 customers who were granted a secured paper with Nu received a financing connection successful their archetypal twelvemonth arsenic a user, and 60% of customers reported utilizing little cash.

Many of Nu’s customers besides reported having greater stableness and control, arsenic good arsenic amended fiscal habits.

“This is confirmation that our worth proposition, our integer services, are of interest,” said Benvenuti. “There is demand, and we are solving our clients’ fiscal needs.”

By the extremity of the archetypal 4th of 2025, Nubank had astir 119 cardinal users crossed 3 countries, with 104 cardinal successful Brazil, 12 cardinal successful Mexico and 3 cardinal successful Colombia.

Nu Mexico operates arsenic a fashionable fiscal nine (Sofipo), a benignant of fiscal instauration which operates with the support of Mexico’s nationalist slope commission, CNBV.

In October 2023, Nu applied for a banking licence from the CNBV to alteration into a commercialized slope and successful April this year, it received its banking license, becoming the archetypal Sofipo successful Mexico to bash so.

Nu Mexico volition proceed to run arsenic a Sofipo arsenic it undergoes a rigorous audit process by regulators to gain the last authorization needed to statesman operations arsenic a bank.

With reports from El Economista and Global Finance