The first authorization received means that the bank entered the banking organization phase, which involves satisfying specific conditions of the regulator and obtaining pending approvals required by the Federal Deposit Insurance Corporation and the Federal Reserve.
“During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months,” Nu noted.
Nu México received authorization to become a banking institution from the National Banking and Securities Commission (CNBV) in April 2025 and awaits its final operational approval.
In Brazil, Nu has operated as a fully regulated financial institution since 2016 and recently announced its intention to obtain a full banking license in 2026.
Nubank has been listed on the New York Stock Exchange since 2021.
