Nu Mexico has received authorization from the National Banking and Securities Commission (CNBV) to begin operations as a bank. With more than 15 million customers, the entity will become the largest digital bank in the country. This authorization follows a process supervised by the CNBV, the Bank of Mexico, and the Ministry of Finance and Public Credit.

Strategic Expansion and Investment

The authorization consolidates the model Nu has built in Mexico: simple, transparent, innovative, 100% digital, and customer-focused. This approach has allowed the company to attract approximately 15% of the country's adult population. David Vélez, founder and Global CEO of Nubank, stated that Mexico is a key market and highlighted a total projected investment of USD 4.2 billion through 2030.

Operational Scale and Metrics

In seven years, Nu Mexico achieved a scale that once took decades. The company currently adds 12,000 new customers per day and has a presence in 98% of the country's municipalities. It has provided 54% of its customers with their first credit card and fostered a savings culture among 60% of its users. For the first quarter of 2026, Nu Mexico reached breakeven, improving its efficiency ratio by 78 percentage points and surpassing $5.9 billion in deposits.

Product Portfolio and Transformation

Nu Mexico launched its first product, a no-fee credit card, in 2020. Since then, it has expanded its portfolio to include a savings account "Cuenta Nu", Cajita Turbo, and Scam Alert features. The portfolio also includes personal loans and secured cards. In accordance with current regulations, Nu Mexico has 30 calendar days to complete its transformation into a bank from a SOFIPO.

JP Morgan analyst Yuri Fernandes has maintained an Overweight rating on Nu Holdings and raised the price target to $20 from $18. The revised target indicates increased confidence in the company's growth trajectory and market position.

Analyst Rating and Price Target

The brokerage firm's decision to upgrade the price target underscores its bullish stance on Nu Holdings. The Overweight rating suggests that the stock is expected to outperform the broader market in the near term.

Nu Holdings continues to demonstrate strong operational metrics, which likely contributed to the analyst's optimistic assessment. The company's performance in key markets remains a critical factor driving the revised valuation.