Mexico experiences a 52% annual increase; accumulating 6.6 million credit card holders in the process.
Nu Mexico, a subsidiary of Brazilian fintech giant Nubank, has made a significant impact in the Mexican financial market. With a customer base that has grown by over 50% in the last year, Nu Mexico now serves over 12 million users, making it the sixth largest financial institution in Mexico by customer numbers and the third largest in terms of credit cards issued.
One of the key factors contributing to Nu Mexico's rapid growth is its focus on financial inclusion. Approximately 22% of its customers were previously unbanked, indicating the company's strong role in bringing underserved populations into the formal financial system.
Nu Mexico initially gained traction by offering no-fee credit cards, a move supported by strong investors including Berkshire Hathaway. This strategy helped attract a large customer base seeking alternatives to traditional banks.
The company's digital and innovative business model is another key factor in its success. Nu leverages proprietary technology and data analytics to develop innovative products and services, promoting financial empowerment and responsible lending. The focus on simplicity and transparency appeals to customers seeking alternatives to traditional banks.
In 2025, Nu Mexico obtained an official banking license from Mexico’s National Banking and Securities Commission, allowing it to offer new products like payroll portability and to gain deposit insurance, which increases customer trust. This move solidified the company's market presence and allowed entry into new strategic segments such as small and medium-sized enterprises (SMEs).
Nu serves approximately 98% of Mexican municipalities, including rural areas prioritized by the government, indicating a broad reach beyond typical urban centers. The recent appointment of Armando Herrera as CEO, with extensive experience in Mexican fintech and financial services, aims to strengthen Nu’s strategy and market penetration in Mexico.
Nubank has invested over USD $1.4 billion in Mexico, enabling product portfolio expansion and solidifying its market presence. Nu benefits from periods when Mexican families increase credit card use, such as back-to-school seasons, Christmas, and sales events like Buen Fin, indicating good alignment with consumer spending cycles.
With its strong leadership, local expertise, significant investment, and extensive geographic coverage, Nu Mexico is poised to continue disrupting traditional banking models and driving financial inclusion in Mexico’s growing fintech landscape.
[1] Nu Mexico Reaches 6.6 Million Credit Card Customers in Mexico, Making it the Third Financial Institution with the Greatest Number of Credit Cards in Circulation. (2025, June 30). Retrieved from https://www.nubank.com/blog/noticias/nu-mexico-6-6-millones-de-clientes-en-mexico
[2] Nu Mexico Announces Significant Investment and Appointment of Armando Herrera as CEO. (2025, May 1). Retrieved from https://www.nubank.com/blog/noticias/nu-mexico-inversion-significativa-y-nombramiento-de-armando-herrera-como-ceo
[3] Nu Mexico Grows Customer Base by Over 50% in the Last Year. (2025, July 1). Retrieved from https://www.nubank.com/blog/noticias/nu-mexico-crece-base-de-clientes-en-mas-del-50-en-el-ultimo-ano
[4] Nu Mexico Obtains Official Banking License in Mexico. (2025, January 1). Retrieved from https://www.nubank.com/blog/noticias/nu-mexico-obtiene-licencia-bancaria-oficial-en-mexico
[5] HSBC Reports Back-to-School Shopping is One of the Periods When Credit Cards are Most Commonly Used in Mexico. (2024, August 15). Retrieved from https://www.hsbc.com/mexico/noticias/compras-de-regreso-a-la-escuela-son-uno-de-los-periodos-en-los-que-los-tarjetas-de-crédito-son-mas-usadas-en-mexico
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