Nubank applies for a banking license in Mexico 🇲🇽

Nubank applies for a banking license in Mexico 🇲🇽
Nubank Mexico app

Hi there FinTech Fanatic! 

Nu Mexico announced that it has applied for a banking license with the National Banking and Securities Commission (CNBV), the local regulator. 

This strategic step follows Nu’s affirmed leadership in the region: in addition to being the largest Popular Financial Society (Sofipo) in the market, Nu Mexico is now one of the leading issuers of new credit cards in the country as well. 

It also follows the successful launch of its savings account and debit card, which gained more than 1 million customers in less than a month after its public launch. 

The banking license marks a crucial milestone in Nu’s roadmap in Mexico, as it will allow the company to better cater to the needs of a broader public, as well as to offer its customers a wider range of products and gradually become their primary financial relationship. 

In Brazil, where the company has over 80 million customers, it is already the primary banking relationship for almost 60% of those customers. 

Meanwhile in Europe, Stripe announced that its merchants across the UK and Europe can now use open banking payment options for their customers through TrueLayer.

Listed on Stripe’s Payment Element — an embeddable UI component for checkout pages — merchants can seamlessly offer TrueLayer’s open banking payment option within Stripe’s checkout.

Customers using Stripe will now be able to make open banking transactions rather than card payments. “It’s a very exciting day for us, and for open banking,” TrueLayer co-founder and CEO Francesco Simoneschi told AltFi.

The FinTech industry never stops moving, and with Money2020 coming up this weekend in Vegas, I ‘m sure we’ll hear about more product launches on Monday.

Enjoy your weekend and until the next!




APM (Alternative Payments Methods) Payment Rails & Funding Methods infographic by Up in the Air | Consultancy👇


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