Nu Mexico has applied for a banking license with the National Banking and Securities Commission (CNBV) in Mexico to provide a wider range of financial products to its customers, including investments, higher deposit limits, and payroll portability. The company, Nubank, is focusing on following local regulations in each country where it operates while also fine-tuning its global strategy to meet the needs of the market. In Brazil, Nubank operates as a Payment Institution and a Financial Institution, while in Colombia, it is in the process of obtaining a second license to offer savings products.
In Mexico, Nu Mexico has already launched a savings account, debit card, and personal loans, with plans to introduce more products in the future. By obtaining a banking license, the company aims to free more Mexicans from the complexity of traditional financial institutions and cater to a broader audience. The banking license will allow Nu Mexico to offer a wider range of products, including investments, payroll portability, car and mortgage loans, and products for small and medium-sized enterprises.
With a strong financial position and significant investment in the Mexican market, Nu Mexico is well-positioned to continue its growth and transformation of the financial sector in the country. The company has a Capitalization Level of around 500%, exceeding regulatory requirements and demonstrating its stability and commitment to the Mexican market. The banking license represents a crucial milestone in Nu’s roadmap in Mexico and will enable the company to become the primary financial relationship for its customers.
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international.nubank.com.br