Nu Mexico has received authorization from the CNBV to operate as a bank. The institution is the first Sofipo to receive approval to transform into a bank in Mexico, marking a significant step in the company's commitment to expansion in the country and the competitiveness of the financial industry.

The approval initiates a transition process, during which Nu will work with regulators to obtain the authorization to commence operations. This move will not impact customers' current use of products, and Nu assures the continuity of the quality of services already provided. With the granting of the license, Nu will be able to offer higher deposit limits and introduce payroll accounts to its portfolio, which will help maximize its impact in the region. 

Nu has recently celebrated 6 years in the country, and 5 since the launch of its first local product, the purple credit card. “La Moradita”, as it’s known locally, reached 5.6 million customers in the last quarter of 2024, a 70% year-on-year increase. Overall, Nu has more than 10 million customers in Mexico, in 98% of the country’s municipalities.

Secured lending. Nubank is gradually starting to offer "Worker's Credit", the new private payroll loan in Brazil. The 100% digital product compares offers from different financial institutions, providing autonomy for 47 million workers with formal employment contracts.

Fresh Start. A new campaign will allow customers in Brazil to renegotiate debts with discounts and, in some cases, get their cards back. The eligibility and rates especially benefit customers who have their primary financial relationship with Nu and overall positive credit behavior. The goal is to support them to start over responsibly, with financial education tools at hand. 

NuScore. Nu is rolling out a tool that allows customers to check their credit scores at the institution. NuScore transparently shows what impacts the classification and offers tips on how to improve it through healthy financial habits.

Turbo Money Box. Customers in Brazil and Mexico now have access to turbo-charged yields in a new type of Money Box. In Brazil, it’s possible to save up to R$5.000 (~US$850) at a yield of 110% of the CDI. In Mexico, customers can add up to $25,000 Mexican pesos (~US$1.200) to their Cajita, for a 15% yearly return. Both are available upon predetermined minimum transactions per month, rewarding active customers.

Shared expenses. Nubank customers in Brazil can now split bank payment slips (“boletos”, a common way to pay for expenses) with other people directly within the app.

Crypto expansion. Nu added four new tokens to its crypto portfolio: Cardano (ADA), NEAR Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO), further diversifying its offerings.

Awards and recognition. Forbes recognized Nu Brazil and Nu Mexico in its annual list. Both operations also appear in LinkedIn’s Top Companies local rankings for offering outstanding professional growth opportunities in the countries.  For the third consecutive quarter, Nu registered the lowest complaint rate in the Brazilian Central Bank list of financial institutions. The company has an index 48% better than the second place, and is continuously reducing its overall complaint rate.

New IRO. Guilherme Souto is joining Nu as its Investor Relations Officer and Director of Market Intelligence, reporting directly to Guilherme Lago, Chief Financial Officer.

Marketing campaigns. Nu is promoting its partnership with streaming service Max in a campaign featuring Brazilian actor Antonio Fagundes, a big fan of “The Last of Us”. In another set of films, actor Tom Felton helps show the benefits of being a Nubank customer. A group of selected fans had the chance to meet with the star for the ad. 

David Vélez said that Nu Mexico’s banking license is a "landmark achievement that we trust will stimulate further innovation and competition in Mexico", reported Reuters. Bloomberg Línea highlights how it opens the path for new products and continued growth in the local market.
 

The Economist analyzed Nubank's trajectory, highlighting the company’s ability to adapt to favorable and adverse winds.

Nu is the financial institution with the most active customers in Brazil, according to a survey by consultancy Sensor Tower, highlighted in a UBS BB report.

CTO Vitor Olivier detailed Nu’s approach to technology and how it supports consistency and efficiency, at the Hipsters Ponto Tech Podcast. Vitor was also featured in Euromoney’s "The AI in Banking - Best Practices Playbook," where he reflected on developments in generative AI.

Iván Canales spoke to Fast Company about the challenges and achievements of adapting Nubank's innovative culture to the Mexican market. He also participated in a series of LinkedIn videos about financial inclusion as Latin America’s CEO of the month.

In just two months, Nu’s CDTs propelled Nu Colombia to the second place in volume of this type of deposit in the country.

In celebration of Women's Month, Nu Colombia recorded a podcast sharing data on women's financial habits. Infobae published an article highlighting the progress of women's financial inclusion over the last century.

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