Nu Appoints Armando Herrera as the New CEO of Its Mexican Operation

Nubank, one of the largest digital financial services platforms in the world, announced that as of September 2, Armando Herrera will serve as the new CEO of Nu Mexico. Ivan Canales, who has led the operations for the past three years, is on parental leave and will remain contributing to Nu. The transition is progressing seamlessly, under the leadership of Guilherme Lago, chairman of the Board of Nu Mexico.

Prior to joining Nu, Herrera served as General Manager Financial Products at Konfío, a leading fintech company in Mexico that provides digital solutions for small and medium enterprises, being responsible for the strategy, value proposition, distribution channel and overall profitability of the business. With over 15 years of experience in the financial services industry, he also worked as vice-president and General Manager for different areas at American Express. He has a bachelor’s degree in Engineering, Computing and Economics at MIT and a master in Business Administration from IPADE Business School.

“Armando’s proven expertise in the Mexican financial services market, combined with his ability to scale businesses and to deliver innovative solutions, will be a significant asset at this moment of the company. We’ve grown our customer base by 60% over the past year and received the approval of our banking license. Our long-term commitment to the country remains strong, and Ivan played an instrumental role in helping us achieve this over the last few years”, said Guilherme Lago, CFO of Nu Holdings and Chairman of the Board of Nu Mexico.

“I have always believed in the power of empowering people and businesses with accessible, affordable and convenient financial solutions that help them grow and thrive”, said Armando Herrera. “I share the same vision as Nubank and I am honored to join the company that has become a reference in digital financial services in Mexico to lead in this new chapter”.

Herrera succeeds Ivan Canales, a founding member of Nu Mexico, who led the operation from scratch to a leading financial institution. Under his leadership, Nu launched a credit card that simplified and expanded credit access to millions of Mexicans, an account that set industry-leading yields on deposits, and personal loans that made financing more accessible and transparent. As Country Manager, Ivan conducted Nu Mexico’s institutional evolution culminating in the approval of a banking license, an unprecedented path in this sector which also helped improve local competition to benefit consumers.

Nu is a leader in promoting responsible credit access and financial empowerment, serving more than 12 million people across the Country -13% of adult population- and covering 98% of Mexico’s municipalities, including rural areas designated as priorities by the Federal Government. The company has also been able to provide nearly half of its customers with their first credit card. Nubank has invested more than USD $1.4 billion in Mexico, strengthening its presence and expanding the market with a product portfolio that offers real value to its customers and drives financial inclusion.