Overview
- The CNBV gave final authorization on Friday, July 10, 2026, and Nu México now has 30 days to complete its legal and operational conversion from a Sofipo to an institution of banca múltiple.
- During the staged migration Nu says customers will see no immediate changes to the app or accounts while its technical systems and regulatory filings are updated gradually.
- Once the transition is complete deposits will be covered by Mexico’s deposit insurance agency IPAB and Nu can remove prior Sofipo deposit caps and offer payroll accounts, mortgages, business services and other bank products.
- Nu announced it reached operational break-even in Q1 2026, holds about $5.9 billion in deposits and plans to invest roughly $4.2 billion in Mexico through 2030 to scale operations.
- The authorization makes Nu the 54th bank in Mexico and is expected to intensify competition with incumbents and other digital challengers as more fintechs convert to licensed banks.