Nubank receives authorization to operate as a bank in Mexico and plans investments of US$4.2 billion.

Just over a year after starting to expand its operations in Mexico, Nubank announced on Friday, July 10th, that it had received authorization from regulatory authorities to begin its operations as a bank in the country.

The authorization granted by the Comisión Nacional Bancaria y de Valores (CNBV) represents the final step in the process for the start of operations as a bank, paving the way for investments of approximately US$4.2 billion by 2030.

“Mexico is a key market for Nubank and this is a decisive step in our long-term commitment to the country,” said David Vélez , founder and global CEO of Nubank, in a statement. The company now has 30 consecutive days to complete the transformation of its Mexican operation into a bank.

Nubank has been present in the Mexican market since 2019, a move that marked the beginning of its international expansion strategy. The institution also operates in Colombia.

Its presence in Mexico began to gain momentum last year when it received regulatory approval to obtain a multiple banking license. Until then, it operated as a Sociedade Financeira Popular (Sofipo), an institution aimed at low-income, unbanked individuals and micro-enterprises.

Under this format, the company already served more than 10 million customers and had US$4.5 billion in deposits. In the first quarter, the Mexican operation reached breakeven , exceeding US$5.9 billion in deposits and surpassing the 15 million customer mark.

The authorization helps consolidate Nubank's presence in one of the largest markets in Latin America, a market contested by other major players in the sector. Mercado Pago has filed for banking licenses in Mexico and Argentina, and operates in seven other Latin American countries.

Earlier this year, Revolut announced the official launch of its banking operation in Mexico and is investing to expand its presence in Brazil, where Nubank has over 115 million customers and has consolidated its position as the largest private financial institution.

The British fintech company announced last month the creation of an advisory board to guide its next steps in the Brazilian market. Obtaining a banking license is among its main objectives.

Although it began its international expansion in Latin America, Nubank sees the United States as the main step in its global strategy. Last year, the bank applied for a national banking license with the Office of the Comptroller of the Currency (OCC).

In a meeting with journalists at the end of 2025, Vélez stated that the American market offers room for a proposal like Nubank's, as it does not fully serve the entire population.

"The great opportunity we see in the United States is to bring a new way of doing banking to a large percentage of the population. There will be specific niches where we will begin to focus," he stated.

Interestingly, Nubank does not have a banking license in Brazil and operates as a financial conglomerate. However, after the National Monetary Council (CMN) and the Central Bank (BC) prohibited financial institutions that are not banks from using that designation in their names, Nubank announced its intention to obtain a banking license in 2026.

At around 12:53 PM, Nubank shares were up 0.77%, at US$13.77. Year-to-date, the stock has fallen 19.1%, bringing its market capitalization to US$66.5 billion.