Nu Holdings didn’t pay a premium for this one, it earned it. Nubank’s Mexican unit, Nu Mexico, has landed the CNBV’s Operations Authorization to convert from a SOFIPO into a full bank, the company disclosed July 10. It now has 30 calendar days to close out the conversion, under the joint watch of the CNBV, Banco de México and the Finance Ministry.
The real currency here was time, not cash. Nu entered Mexico in 2019 and launched its no-fee credit card the following year, built to 15 million customers and 98% municipal coverage, and only picked up its banking license approval in April 2025 after a multi-year regulatory review. Call it six years from launch to bank charter.
Nu wasn’t first through the door. Revolut cleared the same CNBV bar for full Mexican banking status in October 2025, nine months ahead of Nu, despite starting its own application later. In Mexico’s fintech race, the CNBV license is turning out to be scarcer than the customer base.
What does Nu actually get for the wait? Scale it already had: 15 million customers, 12,000 new signups a day, and 54% of users holding their first-ever credit card. A bank charter turns that base into a balance sheet, clearing the way for products a SOFIPO legally can’t sell.
The 30-day clock sets the real close date: early August 2026. Founder David Vélez calls it proof the model “works” at scale. The regulators will be the ones checking his math.
Diana Kowalski