- Nubank (NYSE:NU) received approval to operate as a bank in Mexico, positioning it to become the country’s largest digital bank with more than 15 million customers
- The bank expanded rapidly across Latin America by offering digital-first banking, credit, savings, and financial tools designed to reach underserved consumers
- Strengthened its position in Brazil through financial inclusion initiatives, growing adoption in regions with limited access to traditional banking services while increasing its role in local credit markets
- Nubank stock (NYSE:NU) opened trading at US$14.39
Nubank (NYSE:NU), one of the world’s largest digital financial services platforms, continues to strengthen its position across Latin America as it expands beyond its Brazilian roots and deepens its presence in Mexico, one of the region’s largest banking markets.
Founded in Brazil in 2013, Nubank has built its reputation around a digital-first model focused on low-cost financial services, streamlined customer experiences, and broad access to banking products through mobile technology. Today, the company serves more than 130 million customers across Brazil, Mexico, and Colombia, making it one of the largest fintech companies globally.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
A key development in the company’s international growth strategy came in July when Nu Mexico received authorization from Mexico’s National Banking and Securities Commission (CNBV) to begin operating as a bank. The approval, granted following a regulatory review process involving the CNBV, the Bank of Mexico, and the Ministry of Finance and Public Credit, paves the way for Nu to become Mexico’s largest digital bank, serving more than 15 million customers.
“Mexico is a key market for Nubank, and this is a decisive step in our long-term commitment to the country, with a total projected investment of US$4.2 billion through 2030,” Nubank’s founder and Global CEO, David Vélez, said in a news release.
The authorization represents a significant milestone for Nubank’s expansion strategy. After entering Mexico in 2019, the company rapidly scaled its customer base, attracting approximately 15 per cent of the country’s adult population within seven years. According to the company, Nu Mexico now adds roughly 12,000 new customers each day and maintains a presence in 98 per cent of municipalities across the country.
The Mexican operation reached another milestone in the first quarter of 2026 by achieving breakeven profitability. During the same period, customer deposits exceeded US$5.9 billion, while the business reported substantial improvements in operational efficiency.
Building a digital banking ecosystem
Nu Mexico launched its first product in 2020 with a no-fee credit card designed to offer flexible financing options tailored to local consumer preferences. Since then, the company has expanded its offerings to include the Cuenta Nu savings account, personal loans, secured credit cards, and additional financial management tools.
“The data reveals something that goes beyond Nubank’s presence across the national territory,” Nubank’s director of public policy, Eduardo Lopes, explained in a media statement. “It shows that where the traditional financial system has always been most absent, financial inclusion has advanced at a faster pace.”
Among its newer products are Cajita Turbo, a savings feature designed to encourage wealth accumulation, and Scam Alert, a fraud-prevention tool that helps customers identify potential scams and security risks in real time.
The company’s growth strategy focuses on serving customers who may have historically been underserved by traditional financial institutions. Nubank reports that 54 per cent of its Mexican customers received their first credit card through the platform, while approximately 60 per cent have developed regular savings habits after joining the service.
Dominant position in Brazil
While Mexico represents Nubank’s largest international market, Brazil remains its core business and a key driver of the company’s growth.
According to research conducted by NPS Prism by Bain & Company, Nubank led primary financial institution incidence across Brazil during the fourth quarter of 2025. In 17 Brazilian states, approximately 30 per cent of residents identified Nubank as their primary financial institution, using the platform as their main provider for salaries, bill payments, savings, and other financial services.
The findings were published through Data Nubank, the company’s ongoing study examining its economic and social impact across Brazil. The latest report, titled From North to South: Nubank’s Presence and Impact Across Brazil, analyzed banking access, economic participation, credit activity, and customer engagement across all regions of the country.
The data highlighted particularly strong adoption in Brazil’s North and Northeast regions. Primary institution incidence reached 34 per cent in the North and 31 per cent in the Northeast, suggesting that approximately one in every three adults in those regions relies on Nubank as their primary financial provider.
Even in states where adoption rates were lower, at least 23 per cent of residents reported using Nubank as their main banking institution.
Addressing financial inclusion
A significant part of Nubank’s growth story has been tied to financial inclusion.
The company has emphasized its role in serving areas commonly described as “banking deserts,” municipalities that lack physical bank branches and traditional banking infrastructure. Nearly half of Brazilian municipalities fall into this category, with some states reporting that more than 80 per cent of communities have no local branch access.
In these regions, digital banking platforms have become increasingly important channels for accessing essential financial services. Nubank’s data suggests that states with higher concentrations of banking deserts often show stronger adoption of its services, highlighting the role that mobile banking can play in reaching underserved populations.
The company estimates that it has brought 31.5 million Brazilians into the formal financial system. In more than 15 Brazilian states, Nubank customers represent over 20 per cent of the adult population.
Economic impact
Nubank’s influence extends beyond customer growth and into broader economic activity.
According to Data Nubank, the company’s penetration is particularly strong in lower-income regions where traditional banking services have historically been less accessible. The report found an inverse relationship between regional GDP per capita and Nubank’s share of the banked population, indicating that adoption tends to be highest in less affluent areas.
Credit availability is another area where the company’s impact is visible. In Brazil’s Northeast region, Nubank’s credit portfolio represented 6.8 per cent of regional GDP during 2025. In at least one state, that figure exceeded 8 per cent, illustrating the institution’s growing role in local credit markets.
The company also estimates that customers collectively saved approximately R$134.7 billion in banking fees and annual charges through 2025. Those savings reflect funds that consumers retained rather than paying in traditional banking costs, potentially increasing disposable income and financial flexibility.
Looking ahead
Nubank’s story increasingly centres on scale, profitability, and international expansion. The company’s progress in Mexico demonstrates its ability to replicate its Brazilian growth model in new markets, while recent profitability milestones suggest the business is entering a more mature phase of development.
As regulators approve new banking licenses and digital adoption continues to rise across Latin America, Nubank has found its spot to benefit from ongoing shifts in consumer banking behaviour. Whether the company can maintain its rapid growth while continuing to expand profitability will likely remain one of the key questions for investors following the fintech sector in the years ahead.
Nubank stock (NYSE:NU) opened trading about a per cent and a half lower at US$14.39. Though it is down 14 per cent since the year began, it is also around 14 per cent higher than where it was this time last year.
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