Nu Mexico’s Total Investments Expected to Reach US$4.2 Billion by 2030 as Banking Launch Approaches

Nu Mexico, a digital financial services platform, is strengthening its solid, long-term commitment to the country by detailing its strategic investment plan of US$4.2 billion through 2030. This substantial contribution drives robust and continuous growth, with the company adding approximately one million new customers per quarter and approaching 14 million customers. The institution, already one of the five largest overall and the third-largest in credit cards issued, is in the final phase of preparation to begin its full banking operations in 2026, following the approval of its license in April 2025.

In a new episode of Nu Videocast, Armando Herrera, CEO of Nu México, highlights the company’s successful trajectory and next steps. “Mexico is a clear example of the strength of Nu’s business model and a testament to our thesis. Our commitment to Mexico is long-term. By 2030, we expect to have invested US$4.2 billion in the country, including an estimated US$2.5 billion in strategic spending (CAPEX and OPEX) over the next four years, in addition to the capital we already have in the country,” states Herrera.

Accelerated growth and superior performance to Brazil

Nu Mexico approaches the milestone of 14 million customers, representing 14% of the country’s adult population. The Mexican operation has distinguished itself by a faster pace of growth than Brazil at equivalent stages of maturation. Nu Mexico’s ARPAC (Average Revenue Per Active Customer) reached US$12.5 in the third quarter of 2025, approaching Brazil’s ARPAC of US$13.5 in the same period. It is important to note that at a stage similar to Mexico’s current one (third quarter of 2019), Brazil’s ARPAC was US$6.7, highlighting the efficiency and rapid monetization of the Mexican operation.

This performance is complemented by a significant reduction in Cost to Serve, from US$3 in the third quarter of 2021 to US$1 in the third quarter of 2025. Furthermore, while Brazil had 15.6 million customers in the third quarter of 2019 with a population of 210 million, Mexico surpasses 13 million customers in a population of 130 million, and its current deposits are triple what Brazil had in the third quarter of 2019.

“Engagement is happening faster, and so are the business results,” observes Herrera, emphasizing that Mexico, as Latin America’s second-largest economy and population, with a higher GDP per capita than Brazil, presents significant growth potential.

Financial inclusion in the spotlight

Financial inclusion is a central pillar of this growth. Approximately 78% of Nu Mexico customers reside outside of large cities, in regions where traditional banking infrastructure is limited or non-existent. The platform has been a crucial entry point to the formal financial system, with nearly 50% of customers obtaining their first credit card with Nu.

Herrera emphasizes the impact: “Within these 13 million customers, there are many people who have a digital product for the first time. About 22% of our customers transacted only with cash before Nu. We are making this transition for many in Mexico, and this is the cutting edge of the country’s digitalization”. Recognition of Nu’s impact on financial inclusion was reiterated by the National Banking and Securities Commission (CNBV) in the 2025 Annual Financial Inclusion Report, which attributed a significant role to Nu in the increase of personal loans and deposit accounts.

Banking license and strategic expansion

The approval of the banking license in April 2025 marks a transformative moment for Nu México. The company is in the final preparation phase for the CNBV audit, with full banking operations scheduled to begin in 2026. This transition will allow Nu to offer new products and services, such as payroll portability, and increase deposit limits, in addition to offering greater deposit protection through IPAB insurance.

Customer focus and local adaptation

Customer-centricity remains a fundamental value. Herrera stresses the importance of listening to customers and adapting products to their specific needs. Initiatives such as expanding the network of banking correspondents for deposits and withdrawals at over 30,000 points, and offering interest-free installment payments, demonstrate Nu’s adaptation to the culture and demands of the Mexican market.

“A week after taking over leadership of the Nu operation in Mexico, I started inviting customers to our offices. But we also spend time in the places where they are and where they spend. We like to understand reality from different perspectives, maintaining a close connection to understand their daily needs and concerns, and thus design products and services that meet them,” concludes Herrera.