Nu México
“Can a digital-first consumer lender capture Mexico's underbanked majority by converting its regulatory standing from a lightweight SOFIPO into a full commercial bank and using proprietary AI to underwrite customers that traditional credit scores exclude?”
Nu México launched in 2019 as the Mexican subsidiary of Brazil's Nubank, initially operating as a SOFIPO (a lighter regulatory regime) to offer a no-annual-fee credit card. It systematically expanded its product set into savings (Cuenta Nu with yield-bearing 'Cajitas'), a secured card, and personal loans. In 2025–2026 it completed a historic regulatory pivot, receiving approval for — and then commencing operations under — a full Banca Múltiple charter, making it the largest digital bank in Mexico by customer count (~15 million). The transition signals Nu's ambition to move from a niche fintech license to a full-service bank capable of offering deposit insurance-backed products, deeper lending, and eventually digital asset services.