Nubank Approved to Operate as a Multiple Bank in Mexico

Overview

• Nubank received final authorization from Mexico’s Comisión Nacional Bancaria y de Valores on Friday and must begin formal bank operations within 30 days.
• The CNBV license lets the firm take retail deposits and offer full banking products such as payroll accounts, checking accounts, higher deposit limits and future credit lines.
• Company leaders and Mexican officials have framed the approval as the start of a planned US$4.2 billion investment in Mexico between 2026 and 2030 following a July 6 meeting between CEO David Vélez and President Claudia Sheinbaum.
• Nubank already serves more than 15 million customers in Mexico, its local unit reported break-even in June and held a credit portfolio of about 35.6 billion pesos, showing the operation has reached scale before the formal bank launch.
• Analysts say deposit access should give Nubank cheaper, more stable funding and let it compete directly with large banks and other fintechs seeking bank status, a shift that could deepen customers’ banking relationships and intensify competition for payroll deposits and loans.