Digital bank Nu in Mexico reached 10 mil. customers in only 6 years. 51% of its customers faced previous rejections by traditional banks.

51% of its customers faced previous rejections, 90% when applying for a credit card and 31% when applying for personal loans. As a result, Nu has contributed to an increase of almost 50% of the population with a credit card from a financial institution from 2021 to 2024.

On its sixth anniversary in Mexico, Nu also celebrates five years since the launch of its credit card, which together with its 100% digital model, has been a key piece in „reaching more than 10 million customers, achieving presence in 98% of the country’s municipalities and promoting responsible and sustainable access to credit” – according to the press release. During this period, Nu Mexico has consolidated itself as a key player in the country’s financial system, concentrating 40% of the Sofipo sector’s equity.

The Nu credit card, affectionately known as the “Moradita”, was the product that laid the foundation for Nu in Mexico. Launched in March 2020, it was quickly adopted by people across the country, reaching 1.4 million customers by the end of 2021. Since then, the “Moradita” continues to attract new customers, reaching 5.6 million in the last quarter of 2024, a 70% year-on-year increase. Nearly 50% of them had never had access to formal credit, based on findings from the Nu Impact study.

According to data from the National Banking and Securities Commission in Mexico (CNBV), at the end of 2024, Nu concentrated 30% of the current credit portfolio of the Sofipo sector. Thanks to the development of simple products, without annuities and with a great digital experience, Nu has generated a significant impact on financial inclusion.

By creating secured loans and other products designed for the Mexican market, Nu has been able to provide access to those who were previously rejected: 51% of its customers faced previous rejections, 90% when applying for a credit card and 31% when applying for personal loans. As a result, Nu has contributed to an increase of almost 50% of the population with a credit card from a financial institution from 2021 to 2024, according to the National Financial Inclusion Survey (ENIF) 2024, following a sound and sustainable model.

“We are proud of the positive impact we have been able to generate in Mexico in just 6 years, providing innovative and transparent solutions that facilitate access to financial products such as credit. We are confident that, with a growing portfolio of products, we will continue to revolutionize the financial landscape in Mexico, responding to the unmet needs of millions of people and reinforcing our position as an essential ally to close the country’s financial gap,” said Iván Canales – General Manager of Nu Mexico.

Nu has invested over US$1.4 billion in the country, reflecting its commitment to the local market and becoming one of the most important foreign investors in the Mexican financial sector. The company’s strategy has allowed it to surpass 10 million customers and $4.5 billion in deposits by the fourth quarter of 2024. Nu’s presence in Mexico has also been consolidated thanks to a business model adapted to the needs of a country where the population still relies heavily on cash, building a wide network of withdrawals and deposits.

To mark the next step in its mission to raise the standard of financial services in the country, in October 2023, Nu Mexico announced its application for a banking license before the CNBV, which will allow it to continue strengthening its product offering in the country.

Nu Mexico is a subsidiary of Nu Holdings Ltd., which has over 114 million customers globally and more than $2 billion in excess cash destined for expansion in Mexico and other countries. The company was recently named the world’s most innovative company in the Finance and Personal Finance category by Fast Company.