Nu Mexico raises the stakes: Multibillion-dollar investment and a race to become a bank in 2026

The fintech expects to allocate up to $4.2 billion to Mexico by 2030, in a market where digital credit and savings continue to gain ground.

Nu Mexico, a Nubank subsidiary, projects that by 2030 it will have funneled up to $4.2 billion in investment into the country—an amount that includes the $2.5 billion recently announced as a new capital injection. The company says its local growth remains rapid, adding close to one million customers per quarter, bringing it to nearly 14 million users in Mexico.

Nu’s momentum comes as financial digitization keeps expanding, driven by a consumer base that’s increasingly familiar with electronic payments, cards, and apps, along with the growth of e-commerce. Even so, Mexico still faces a structural challenge: heavy reliance on cash and gaps in access to financial services outside major urban centers. On that front, the company says a significant share of its customers live in regions where traditional banking has a smaller footprint, and that a meaningful segment previously operated primarily in cash.

By customer count, Nu already ranks among the institutions with the largest number of users in Mexico, and it has become one of the leading credit card issuers. That position matters in a country where consumer credit penetration and access to formal savings instruments have increased but still trail comparable economies—leaving room for digital competitors that bet on lower costs and high-frequency processes through mobile channels.

The firm is also in the final stage of preparation for an audit by Mexico’s National Banking and Securities Commission (CNBV), a key step in the process to operate as a full-service bank. The expectation is to begin full banking operations in 2026, once final approval is secured, which would allow it to broaden its offering with products such as payroll account portability and, more broadly, to operate with higher limits and greater deposit-taking capacity under a banking regulatory framework.

What the transition from fintech to bank could mean for the financial system

The jump from a digital player to a bank can reshape competition in segments where margins, scale, and funding are decisive. With a banking license, Nu would have a broader set of options to raise funds from the public and diversify products, which typically translates into a potentially more stable funding structure than a model built on partnerships or limited instruments. For Mexico’s financial system, new digital bank entrants tend to put pressure on incumbents around user experience, operating costs, and product personalization—while also raising scrutiny of risk management, cybersecurity, fraud prevention, and regulatory compliance.

From a macro perspective, the timing matters: in recent years Mexico has faced a relatively high-rate environment—with visible impacts on borrowing costs—and a slowdown in credit in certain segments, while consumption has shown resilience due to factors such as employment and remittances. In that context, the expansion of digital credit can support inclusion and competition, but it also requires caution in underwriting, especially in credit cards, where delinquency often reacts with a lag to shifts in the economic cycle.

Nu’s bet on Mexico is paired with a broader global strategy to strengthen its brand and expand. The company operates in Brazil, Mexico, and Colombia, and it recently reported progress toward a banking license in the United States—pointing to an international growth agenda that combines financial products with commercial positioning. At the same time, the Mexican market continues to draw interest due to trends such as nearshoring and the expansion of supply chains, which can sustain demand for financial services for both individuals and small businesses, albeit with regional and sector differences.

Looking ahead, the consolidation of digital models will depend not only on adding users, but on deepening engagement (recurring use, savings, payments, and credit), keeping losses under control, and demonstrating operational strength to the regulator. For Mexico, the challenge will be to capitalize on innovation without neglecting financial stability, user protection, and credit quality—especially if the global economic environment becomes more volatile.

In short, Nu Mexico’s investment plan and its path to becoming a bank in 2026 reflect the momentum of digital banking in a country with room for greater financial inclusion. The outcome will depend on its ability to scale while controlling risk, and on how the traditional system responds to increasingly tech-driven competition.