Nu: The Most Advanced Case
Nu Mexico is the most advanced case, currently operating under the Sociedad Financiera Popular (Sofipo) figure. However, since October 2023, it has been seeking its banking license, which was granted in April 2025. Despite the license approval, Nu Mexico still awaits authorization to begin operations as a bank. According to its General Director, Armando Herrera, the expectation is that this authorization will be granted in the first half of 2026.
Mercado Pago: A Longer Process
Mercado Pago, Mercado Libre’s financial arm, currently operates as an Institution of Electronic Payment Funds (IFPE) supervised and regulated by the Comisión Nacional Bancaria y de Valores (CNBV). Since September 2024, it has submitted a request for a banking license. Although no recent updates have emerged, Mercado Pago’s executives confirm that the process is on track. As the second most downloaded financial services app in Mexico, Mercado Pago aims to become the leading digital bank in the country.
Klar: Nearing Bank Operations
Klar, currently operating as a Sofipo in Mexico, is expected to begin bank operations soon. In early September last year, Klar’s holding company reached an agreement with Grupo Financiero Banorte to acquire Bineo’s banking license, a digital bank launched in early 2024. However, Banorte decided to sell the license a year and a half later. The completion of this operation depends on various conditions, including regulatory approvals.
Revolut: High Expectations
Revolut, the British-origin global fintech, received final authorization to operate as a bank in Mexico only in October last year. Following a beta phase, Revolut plans to start mass adoption from early 2026. With over 65 million global customers, Revolut aims to add at least one million local users in its first year of operations in Mexico. The CNBV directly authorizes, regulates, and supervises banks to ensure their liquidity and solvency.
Key Questions and Answers
- Who are the three institutions expected to join Mexico’s banking sector in 2026? Nu, Mercado Pago, and Klar.
- What is the current status of Nu Mexico’s banking license? Nu Mexico received its banking license in April 2025 but still awaits authorization to begin operations.
- What is Mercado Pago’s progress in obtaining a banking license? Mercado Pago submitted its request in September 2024, and although no recent updates have emerged, the process is reportedly on track.
- What developments has Klar made towards bank operations in Mexico? Klar reached an agreement with Grupo Financiero Banorte to acquire Bineo’s banking license, and the operation’s completion depends on regulatory approvals.
- What are Revolut’s plans for its Mexican operations? Following a beta phase, Revolut aims to start mass adoption in early 2026 with expectations of adding at least one million local users in its first year.
