“It was already approved,” said the source, who spoke on condition of anonymity for not being authorized to publicly declare on the subject, and added that there is still an operational approval by the CNBV “to determine if the operations are adjusted in practice to the operational rules of a bank.”
The source added that the operational approval can take up to 180 days, but it can be completed much earlier.
The CNBV did not immediately respond to a request for comments.
“We still do not receive formal notification of the decision,” said Mexico earlier to expansion.
Until now NU operates in Mexico under the figure of Sofipo, a financial institution focused on people with low and unattended income by traditional banking, as well as microenterprises.
NU is one of the most popular Fintechs in Mexico and in January it reached 10 million customers, five years after the launch of the financial platform in that market.
Among the firm’s plans is to carry the business model that has worked so much in Mexico to the United States.
What will happen to NU now to become a bank?
After the authorization of the bank license in MexicoNU will focus its efforts on Replicate the products you have in Brazilalthough the priority will be payroll products.
In Brazil NU it has investment products, insurance and even a marketplace.
Last March, the firm’s CFO, Fernando Campos, said that once they obtained the license to operate as a bank, they could improve the supply of products to their customers.
With Reuters information.
