Nu Mexico, the subsidiary in the country, has submitted a filing to the local regulator to obtain a banking license which will allow further expansion of its product offering to cater to the needs of local customers
Nubank applies for a banking license in Mexico. (Credit: Niek Verlaan from Pixabay)
Nu Mexico announced today that it has applied for a banking license with the National Banking and Securities Commission (CNBV), the local regulator. This strategic move aims to provide a broader and more robust regulatory figure by which Nu will be able to provide its customers with a wider range of products and benefits, including investments, payroll portability, and higher deposit limits. Nu Mexico continues to innovate, grow, and invest in the country, contributing to the transformation of the financial sector, and increasing financial inclusion.
“At Nubank, we follow the local regulations of each of the countries in which we operate. While we have a global strategy for the company, we are very mindful of fine-tuning it to each markets’ characteristics, regulatory framework, and customer needs. While we are now able to create and launch products at a much faster pace, we also need to ensure the adequate regulatory framework to unlock the next steps of our growth journey in Mexico and we believe the Banking License is the right fit for us and our long-term roadmap. It has been remarkable to see our Mexican customers asking us to bring the Nu experience beyond credit and savings and into new verticals and segments; we focus our strategy to cater to their needs”, explains Cristina Junqueira, Co-founder and Chief Growth Officer of Nubank.
Nubank operates in Brazil through a conglomerate authorized by the Central Bank to operate as a Payment Institution and a Financial Institution. In Colombia, where it currently only offers credit cards, it operates as a Corporation and is currently in process with the Financial Superintendence of Colombia (SFC) to obtain a second license to operate as a Financing Company. This will enable it to launch savings products, among others.
Source: Company Press Release