> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Nu Mexico wins regulatory approval to begin conversion into a bank
- URL: https://www.theglobalbanker.com/nu-mexico-wins-regulatory-approval-to-begin-conversion-into-a-bank/
- Published: 2025-04-25T08:00:00.000Z
- Updated: 2026-10-01T12:29:58.000Z
- Description: Nu Holdings said Mexican authorities authorised its Sofipo unit to begin converting into Nubank, S.A., Institución de Banca Múltiple, with systems testing and an operating authorisation still to come.
- Author: TGB Editorial Team
- Tags: Fintech, Americas, #archive

Nu Holdings said on 24 April 2025 that its Mexican subsidiary, Nu México Financiera, S.A. de C.V., S.F.P., had received regulatory approval to begin the process of converting into a multiple bank under the name Nubank, S.A., Institución de Banca Múltiple.

In a notice to the market filed with the US Securities and Exchange Commission, the Latin American digital banking group said the approval had been granted by Mexico's National Banking and Securities Commission (CNBV), in coordination with Banco de México and the Ministry of Finance.

#### TWO STEPS REMAIN

The approval does not yet allow Nu Mexico to operate as a bank. According to Nu Holdings, testing of Nu Mexico's systems and processes was due to begin shortly, to be followed by the issuance of an operating authorisation by the Mexican regulators in line with their processing timelines. The company said the milestone reflected its long-term vision and commitment to Mexico and would support the expansion of its credit, payments and savings products in the country.

The formal notice followed press reports in mid-April 2025 that the CNBV had approved the application. At that time Nu Mexico said it was closely monitoring the decision of the regulator's Board of Governors on its application to become a bank, and that it had not yet received formal notification.

#### SOFIPO TO BANK

Nu Mexico has operated as a Sofipo, a regulated non-bank savings and credit institution. It had about 10 million customers and, at the end of 2024, held MX$93 billion in deposits and MX$103 billion in total assets.

Nu Holdings, the parent of Brazil's Nubank, operates in Brazil, Mexico and Colombia. It said it would keep the market informed of further developments in the conversion process.