Brazilian digital lender Nubank has completed the transformation of Nu México into a fully licensed commercial bank. The business began operating under its new status on 6 August, giving more than 15 million customers access to stronger regulatory protection and creating room for a broader range of financial services.
From fintech to regulated bank
Nu previously operated as a regulated financial company known as a Sofipo. Its transition followed almost three years of regulatory reviews involving Mexico’s banking commission, central bank, finance ministry and consumer protection authorities.
The licence places Nu among Mexico’s fully regulated banks while retaining its digital-only model. Existing customers continue using the same application, cards and savings products without needing to open new accounts.
Greater protection and new products
Customer deposits are now covered by Mexico’s bank deposit insurance system, providing substantially higher protection than the arrangement available through the Sofipo structure. The banking licence also allows Nu to expand into services including payroll accounts and other products that were previously restricted.
This wider offering could help the company attract customers who use several financial providers or still depend heavily on cash. Nu says its services already reach 98 per cent of Mexican municipalities.
Competition moves beyond the app
Mexico has become an increasingly competitive market for digital banking. Revolut began full banking operations in the country earlier in 2026, while Mercado Pago and traditional banks continue expanding their mobile services.
Nu’s advantage is its existing customer base, but becoming a bank also brings tighter supervision, greater compliance costs and increased expectations around cybersecurity, service reliability and responsible lending.
A regional signal
The launch demonstrates how Latin America’s largest fintech companies are moving beyond payments and credit cards towards full banking relationships. If Nu successfully converts its large user base into active banking customers, Mexico could become its most important growth market outside Brazil.
Newshub Editorial in Latin America – 25 August 2026
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