Nu Mexico, a subsidiary of Nubank, has introduced the approval of its banking license by the Nationwide Banking and Securities Fee (CNBV).
With this approval, Nu turns into the primary Common Monetary Society (SOFIPO) to obtain the inexperienced mild to transition right into a financial institution.
This improvement brings the corporate nearer to increasing its vary of merchandise, together with the introduction of a payroll account.
“Mexico is a key pillar of our world technique. We’ve already made vital progress when it comes to development, reaching over 10 million prospects within the nation. We now have invested over $1.4 billion available in the market, not solely to scale our presence, but in addition in direction of driving innovation and elevating the requirements within the native monetary sector,”
stated David Vélez, CEO and founding father of Nubank.
To finish its transformation right into a financial institution, Nu Mexico will bear a complete regulatory audit earlier than receiving authorisation to start banking operations.
Throughout this era, Nu Mexico’s prospects will proceed to obtain the identical person expertise.
“Presently, Nu has already gained the belief of practically 1 / 4 of Mexico’s banked inhabitants. With this milestone, we are going to proceed working to strengthen our differentiated providing, which has already made a major affect in Mexico by selling financial savings and bettering entry to credit score,”
stated Iván Canales, Basic Supervisor of Nu Mexico.
As soon as it begins banking operations, the corporate plans to develop its affect in Mexico by rising deposit limits, introducing payroll accounts, and multiplying deposit insurance coverage protection by 16 instances by way of the Institute for the Safety of Financial institution Financial savings (IPAB).
Featured picture credit score: edited from freepik
