Nu Holdings Receives Mexican Banking License for Nubank Operations

Nu Holdings, the parent company of crypto-friendly digital bank Nubank, has received a full banking license from Mexico’s financial regulator, the Comision Nacional Bancaria y de Valores. According to Odaily, the license allows the company to offer services in Mexico including payroll accounts, demand deposit accounts, higher deposit limits, and additional loan products. Nubank entered Mexico in 2019 and has invested several billion dollars in the market. The company currently has more than 15 million customers in Mexico, representing about 15% of the country’s adult population. Founder and global CEO David Velez said total investment in Mexico is expected to reach about $4.2 billion by 2030.