Nubank received authorization from regulators to begin operations as a multiple bank in Mexico, the fintech said in a statement to the market this Friday (10). The approval was granted on Thursday (9) by the National Banking and Securities Commission (CNBV), the body responsible for regulating the Mexican financial system. Under current rules, Nu México will have 30 calendar days to complete the transformation into a bank.
Nubank receives authorization from regulators to operate as a multiple bank in Mexico
Nubank received authorization from regulators to begin operations as a multiple bank in Mexico, the fintech said in a statement to the market this Friday (10). The approval was granted on Thursday (9) by the National...
The measure represents the final stage of the process announced in April last year, when the CNBV authorized Nubank's Mexican subsidiary to carry out an unprecedented transformation from Sociedade Financeira Popular (Sofipo) into a bank. At the time, the consent initiated a regulatory audit that lasted for the following months, before the final green light.
In a statement, the founder and global CEO of Nubank, David Vélez, stated that the authorization and growth in the country confirm the potential of the fintech business model.
"Mexico is a key market for Nubank, and this is a decisive step in our long-term commitment to the country, with a projected total investment of US$4.2 billion by 2030", highlighted Vélez, who met with Mexican President, Claudia Sheinbaum, at the Government Palace, at the beginning of the week.
Entry into Mexico marked the beginning of Nubank's international expansion strategy in 2019. Since then, the financial institution has reached more than 15 million customers and will now become the largest digital bank in the country.
In a movement similar to that observed in Brazilian operations, fintech granted the first credit card to 54% of its users and is already present in 98% of Mexican municipalities.
In the first quarter, Nu México reached break-even, that is, it stopped recording a loss. The company also improved its efficiency ratio by 78 percentage points and surpassed US$5.9 billion in deposits.
"We have come this far accompanied by millions of Mexicans who have placed their trust in Nu. We are ready to continue building with them the financial experience they deserve," said Armando Herrera, CEO of Nu Mexico.
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Source:
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