This week, the Board of Governors of the National Banking and Securities Commission (CNBV) met, where the request of the Popular Financial Society (Sofipo) Nu to become a multiple banking institution was approved. According to sources close to the process, Nu, which belongs to the Brazilian giant Nubank founded by David Vélez and Cristina Junqueira, successfully completed its application and received the first of two authorizations needed to become a bank.
In the next phase, Nu must obtain permission to operate once it has aligned all its systems and processes to the banking regulations required in Mexico. Currently, Nu is one of the leading platforms for digital financial services worldwide, serving more than 114 million clients in Brazil, Mexico, and Colombia. The company has transformed the financial sector by developing innovative products through the use of data and its own technology.
In Mexico, Nu has experienced exponential growth in the last two years, competing alongside banks in terms of deposits and granting credits under the Sofipo framework. With the authorization to become a bank, the Brazilian company will arrive at the next banking convention with the newly approved license.
David Vélez, co-founder and CEO of Nubank, is a key figure behind the company's success. Originally from Colombia, Vélez owns nearly 20% of the shares of Nu Holdings, making him one of the richest men in the region. The idea of Nubank arose from Vélez's experience trying to open a bank account in Brazil and facing the excessive bureaucracy of financial institutions.
Nubank, which has no physical branches, offers all its services through a mobile application. From there, customers can easily and quickly request credit cards and other loans.
