NEW YORK, July 24, 2026, 05:08 EDT
- Nu ended Thursday at $14.19, falling 2.21% for the day, yet advancing 4.42% across five sessions.
- Nu Mexico is set to launch banking services on August 6, serving more than 15 million clients.
- Initial figures indicate that Mexico accounts for roughly 14% of deposits, contributed by 11% of customers.
Nu Holdings Ltd. NYSE:NU is set to launch banking operations in Mexico from August 6, shifting its focus to deposits rather than customer acquisition. Customers in Mexico currently account for approximately 14% of the group’s deposits, with around 11% of total customers.
The difference is significant since holding a banking charter allows access to a wider range of credit, payments, and savings services. It can additionally facilitate payroll deposits and permit higher account thresholds. However, increased balances are still required to meet funding needs and initial expenses.
U.S. markets were shut for regular hours when published, but premarket trading was active. Nu finished Thursday at $14.19, sliding 2.21%, nearly in line with the Nasdaq’s 2.15% drop. Its five-day rally stood at 4.42%. Trading volume totaled 181.3 million shares, more than double its 65-day average by 2.6 times.
| Metric | Mexico | Nu group | Preliminary comparison |
|---|---|---|---|
| Customers | Over 15 million | Over 135 million | Roughly 11% of overall |
| Deposits | Above $5.9 billion | $42.4 billion | Close to 14% of total |
| Deposits per disclosed customer | Approximately $393 | Roughly $314 | Mexico is about 25% higher |
| First-quarter status | Break-even | $871 million net income; 29% ROE | Mexico reaching profit point |
Initial figures are based on first-quarter disclosures that have been rounded. Deposits per customer do not reflect average account balances.
The estimate is intentionally approximate. Customer figures count inactive accounts, and reports provide rounded numbers. Despite this, funding intensity in Mexico surpasses the group’s mean. This places the focus more on cross-selling than on acquisition.
Nu Mexico achieved break-even in the first quarter, with its efficiency ratio gaining 78 percentage points in four years. The company also saw average revenue per active customer almost double. The performance did not start from scratch.
Founder David Vélez described Mexico as “a key market for Nubank.” Nu expects to invest $4.2 billion locally by 2030, and reports gaining around 12,000 new customers each day in Mexico. Nu International
Final regulatory approval for operations was issued on July 10. Nu was subsequently allowed 30 days to finalize the conversion. The most recent notice sets a technical migration ahead of the August 6 debut.
Group-wide, revenue for the first quarter surpassed $5 billion. Net income totaled $871 million, while return on equity was 29%. Monthly ARPAC was close to $16, and activity remained at 83%.
Credit risk and funding expenses continue to be focused. Loss provisions increased by 33% from the previous quarter, reaching $1.79 billion. The risk-adjusted margin declined by 100 basis points to 9.5%. Deposit expenses accounted for 88% of interbank rates. Mexico may increase balances ahead of generating profits.
Nu ended Thursday with a market capitalization of about $68.5 billion. Its shares were priced at 21.9 times trailing earnings. Year-to-date, the stock had declined by 15.2%, but recorded a 11.5% gain over the past year.
Rivalry in the sector is intensifying. Revolut launched comprehensive banking services in Mexico in January after a local investment exceeding $100 million. Although Nu commands significant scale, it does not have assured pricing power.
The Federal Reserve is scheduled to meet on July 28-29, marking next week’s primary event. According to a Reuters poll, markets anticipate rates will remain at 3.50%-3.75% through 2026. However, survey participants note the rising possibility of a rate hike. A stronger dollar has potential to impact translated earnings in Latin America.
The license issue has been resolved. Investors now seek proof regarding payroll inflows, average balances, and deposit expenses. Monetization scrutiny begins August 6.
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