Background of Armando Herrera
Nu México, a leading financial society in Mexico, is set to welcome Armando Herrera as its new CEO starting September 2. Herrera comes from Konfío, a prominent Mexican fintech company that provides digital solutions for small and medium-sized enterprises. He previously served as the General Manager of Financial Products at Konfío, where he was responsible for strategy, value proposition, distribution channels, and overall business profitability.
Herrera brings over 15 years of experience in the financial services industry, including his time as Vice President and General Manager for various areas at American Express in Mexico. He holds an engineering degree in computer science and economics from the Massachusetts Institute of Technology (MIT) and a Master’s degree in Business Administration from IPADE.
Nu México’s Transition and Achievements
Under the leadership of Guilherme Lago, President of Nu México, the company is executing a smooth transition. Nu México currently operates as the primary popular financial society (sofipo) in Mexico and is on the verge of becoming a bank, having already secured its banking license.
Lago highlighted that Herrera’s extensive experience in the Mexican financial market, combined with his ability to scale businesses and deliver innovative solutions, will be a significant asset for the company at this critical time.
In the past year, Nu México has increased its customer base by 60%, and it has received approval for its banking license. Lago emphasized their long-term commitment to Mexico, which Iván Canales played a crucial role in establishing over the past few years.
Iván Canales’ Contributions
Armando Herrera succeeds Iván Canales, a founding member of Nu México. Canales led the company from its inception to becoming a leading financial institution.
Under Canales’ leadership, Nu México launched a credit card that simplified and expanded access to credit for millions of Mexicans. Additionally, they introduced a deposit account that set industry-leading interest rates for personal deposits and loans, making financing more accessible and transparent.
Canales directed Nu México’s institutional evolution, culminating in the approval of a banking license—an unprecedented achievement in this sector that also improved local competition for consumers’ benefit.
Nu México’s Impact and Growth
Today, Nu México serves over 12 million people in the country, representing 13% of the adult population. The company covers 98% of municipalities, including rural areas designated as priorities by the Federal Government.
Nubank has invested over 1.4 billion dollars in Mexico, strengthening its presence and expanding the market.
Key Questions and Answers
- Who is the new CEO of Nu México? Armando Herrera
- Where did Armando Herrera previously work? He was the General Manager of Financial Products at Konfío, a Mexican fintech company.
- What is Nu México’s current status? It operates as a popular financial society and is preparing to become a bank with its recently acquired license.
- What achievements has Nu México accomplished under Iván Canales’ leadership? Canales led the launch of a credit card simplifying access to credit and introduced an industry-leading deposit account, significantly impacting financial services in Mexico.
- How many people does Nu México serve? The company serves over 12 million people in Mexico, covering 98% of municipalities.
