Overview of Nubank’s Performance and Future Plans in Mexico
Nubank, a Brazilian digital financial services platform, reported historic results in the third quarter of 2025. The company has reached 13.1 million customers in Mexico, where it operates as a financial society but awaits banking authorization to begin operations in 2026.
Key Financial Highlights
- Total customers across three markets: 127 million
- Revenue growth of 39% in Q3, reaching a record $4.2 billion
- Net income of $783 million, surpassing market expectations
Mexico’s Performance and Future Expectations
Nubank currently operates in Mexico as a financial society, holding a banking license but awaiting approval from the National Banking and Securities Commission (CNBV) to begin bank operations. The company’s Global CFO, Guilherme Lago, expressed optimism about obtaining the operational license in 2026.
As of now, Nubank has 13.1 million customers in Mexico, representing 14% of the adult population and 26% of the banked population. Lago highlighted Mexico’s growth potential, stating that it is outpacing Brazil’s growth curve at a similar stage.
Revenue and Customer Metrics
- Gross revenue per customer in Mexico is nearly $13 per month
- Cost per user is $1
Lago mentioned that although there’s still work to be done, initial signs in Mexico are promising. He also noted that delinquency rates have decreased, despite expanding financial services to previously underserved groups for greater financial inclusion.
Future Investments in Mexico
Nubank plans to continue robust investments in Mexico over the next three to four years, aiming to reach the same level of financial services penetration as in Brazil.
Key Questions and Answers
- What are Nubank’s third-quarter results? Nubank reported historic revenue growth of 39%, reaching $4.2 billion, and a net income of $783 million.
- How many customers does Nubank have in Mexico? Nubank has 13.1 million customers in Mexico.
- When can Nubank start operating as a bank in Mexico? Nubank expects to receive the necessary authorization from the CNBV sometime in 2026.
- What are Nubank’s gross revenue and cost per customer in Mexico? Gross revenue per customer is nearly $13 per month, while the cost per user is $1.
- How are delinquency rates in Mexico? Delinquency rates have decreased, despite expanding services to previously underserved groups for financial inclusion.
With 127 million customers across Brazil, Mexico, and Colombia, Nubank continues to expand its digital financial services footprint in Latin America.
