Nu Speeds Up Its Expansion in Mexico: 15 Million Customers and Digital Banking Turns Up Competitive Pressure

Nu’s growth is reshaping competition for savings and credit in Mexico as it moves closer to securing a banking license.

Nu Mexico reached 15 million customers in the country, a milestone that comes as the company advances through the regulatory process to operate as a bank. The institution, which currently operates under the Popular Financial Company (Sofipo) charter, reports an average onboarding pace of nearly 12,000 users per day—evidence of strong demand for digital financial services in a market where traditional banking still faces inclusion gaps and high operating costs.

That growth is supported by a mix of yield-bearing deposit products, a credit offering focused on first-time borrowers, and a low-cost operating model built around digital channels. According to regulatory figures, Nu’s deposits stand at 112.613 billion pesos, a meaningful level for an institution that is not yet operating as a bank and that has found retail savings to be a key lever for scaling.

The rise of digital players is unfolding in an economic environment in which households remain sensitive to inflation, real wages are showing gradual improvement, and borrowing costs remain high due to elevated interest rates. In that context, products that pay a return on savings have gained ground as alternatives to traditional instruments, while consumer credit continues to be subject to tighter risk assessment.

The company has said its immediate priority is to clear audits and complete the regulatory path to a banking license—a move that would broaden the reach of its offering (including the ability to operate payroll-linked products) and would likely change the competitive intensity in segments where established banks capture a large share of business.

Financial inclusion: more access, but with the challenge of credit costs

One of the most notable data points in Nu’s model is the profile of part of its cardholder base: around half had never had a credit card, and more than a third had been rejected by another institution. In Mexico, where a significant share of the population remains underserved by the formal financial system, the expansion of digital credit can help close access gaps—but it also underscores the importance of responsible underwriting. In a high-rate environment and with intermediaries more sensitive to risk, inclusion built on low initial credit lines and gradual scaling can reduce delinquency, though it does not eliminate the challenge of offering financing at competitive costs for higher-risk profiles.

On the funding side, the appeal of yield-bearing accounts and tools like “cajitas” (savings buckets) reflects a shift in habits: more users compare rates and liquidity and move part of their savings toward simple, transparent, fully mobile options. For the financial system, this tends to intensify competition for retail deposits, pushing banks and Sofipos to adjust pricing, strengthen their digital offerings, and improve the customer experience.

If Nu secures its banking license, the shift won’t be just a change in regulatory label: becoming a bank brings higher prudential requirements, stronger corporate governance, and closer supervision, but it also opens the door to expanding products and deepening intermediation. From a market standpoint, the likely outcome is tighter competition for payroll accounts, deposits, and credit—especially in areas with high digital penetration and younger populations.

For Mexico, the trend points to a faster modernization of the financial offering, with potential benefits in efficiency and access. The counterweight will be maintaining strong standards for consumer protection, data handling, and credit origination in a country where digitization is moving quickly and trust is built through operational consistency and clear pricing.

In perspective, Nu’s growth confirms that retail savings and credit are being reshaped by digital platforms; the key will be how they balance speed, regulation, and business sustainability in an interest-rate cycle that remains demanding.