Latest news with #DavidVelez
Bloomberg
20-05-2025
- Business
- Bloomberg
Nu COO Lahrech Steps Down, Adding to Turnover Atop Fintech
By and Leda Alvim Save Nu Holdings Ltd. said Chief Operating Officer Youssef Lahrech is stepping down after more than five years, adding to a string of management changes in the upper ranks of Latin America's standout financial technology firm. Lahrech will maintain a role at Sao Paulo-based Nu as permanent observer on the board's audit and risk committee, and he'll advise the company on credit strategy, the company said Tuesday in a filing. Chief Executive Officer David Velez will absorb his duties.
Business Wire
24-04-2025
- Business
- Business Wire
Nu Mexico Receives Banking License Approval, Paving the Way for Product Portfolio Expansion and Increased Financial Inclusion
MEXICO CITY--(BUSINESS WIRE)--Nu Mexico, a subsidiary of Nubank, announced today the approval of its banking license by the National Banking and Securities Commission (CNBV). With this milestone, Nu has become the first Popular Financial Society (SOFIPO) to obtain approval to transform into a bank, opening the path to increased competition in the Mexican financial sector. This milestone brings the company closer to expanding its product portfolio, including the introduction of a payroll account, a key opportunity to increase financial inclusion in Mexico where only 36% of adults have this financial instrument (National Financial Inclusion Survey, 2024), with 90% concentrated in just four banks. 'Mexico is a key pillar of our global strategy. We've already made significant progress in terms of growth, reaching over 10 million customers in the country. We have invested over $1.4 billion in the market, not only to scale our presence, but also towards driving innovation and elevating the standards in the local financial sector. Our mission to challenge the status quo for the benefit of our customers has led us to pioneer the transition from SOFIPO to bank, a landmark achievement that we trust will stimulate further innovation and competition in Mexico," stated David Velez, CEO and founder of Nubank. In order to complete its transformation into a bank, Nu Mexico will undergo a rigorous regulatory audit ahead of obtaining authorization to begin operations. During this period, Nu Mexico's customers will continue to enjoy the same seamless user experience. "The approval of Nu Mexico's banking license is a recognition of our solid business model and an acknowledgment of our commitment to financial inclusion. Currently, Nu has already gained the trust of nearly a quarter of Mexico's banked population. With this milestone we will continue working to strengthen our differentiated offering, which has already made a significant impact in Mexico by promoting savings and improving access to credit,' stated Iván Canales, General Manager of Nu Mexico. The company will expand its positive impact in the country by offering increased deposit limits and a payroll account, as well as multiplying deposit insurance coverage by 16 times through the Institute for the Protection of Bank Savings (IPAB), once it begins banking operations. Nu Mexico's Journey Nubank began its international expansion strategy with its entry into the Mexican market in 2019. With the highest GDP per capita in Latin America, a highly concentrated banking sector, low financial inclusion, and high technology adoption rates, the country provided a distinctive opportunity within the region. By the fourth quarter of 2024, Nu had cemented its position as the leading SOFIPO, surpassing 10 million customers and accumulating USD $4.5 billion in deposits. Nu Mexico launched its first product in 2020: a no-fee credit card with customizable financing plans tailored to local needs. Since then, the company has expanded its portfolio to include a debit account, Cuenta Nu, that reached one million customers in its first month and has continued to evolve to include new features, including Cajitas Turbo with an annual 15% yield rate. Nu Mexico's portfolio also includes personal loans and secured cards, designed to help customers gain access to credit and build a credit history. Nu's 100% digital business model has allowed it to reach 98% of Mexico's municipalities, including rural areas designated as priorities by the Federal Government. The company has also been able to provide nearly half of its customers with their first credit card, delivering on its commitment to increase the penetration of financial services and promote the inclusion of more Mexicans into the system. The transformation into a bank is key to accelerating this mission. About Nu Nu is one of the world's largest digital financial services platforms, serving 110 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers' complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu's impact has been recognized in multiple awards, including Time 100 Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks.
CNA
24-04-2025
- Business
- CNA
Nubank clears major hurdle in securing Mexico banking license
MEXICO CITY :Brazilian fintech Nubank said on Thursday that its Mexico arm received regulatory approval from the Mexican National Banking and Securities Commission to begin the process of becoming a full-service bank. In a statement, Nubank, one of the fastest-growing digital lenders in the world, said the process to secure the banking license in Mexico now requires a "rigorous regulatory audit" before obtaining final authorization. The fintech launched a no-fee credit card in Mexico in 2020 and added savings accounts in 2023, announcing later that year that it was seeking a Mexican banking license to expand its services to be able, for example, to handle direct deposits of salaries for customers and higher deposit limits. Nubank currently already has 10 million customers in Mexico, its founder and CEO David Velez said in a company statement. Velez called the transition into a bank a "landmark achievement that we trust will stimulate further innovation and competition in Mexico."
Yahoo
24-04-2025
- Business
- Yahoo
Nubank clears major hurdle in securing Mexico banking license
MEXICO CITY (Reuters) -Brazilian fintech Nubank said on Thursday that its Mexico arm received regulatory approval from the Mexican National Banking and Securities Commission to begin the process of becoming a full-service bank. In a statement, Nubank, one of the fastest-growing digital lenders in the world, said the process to secure the banking license in Mexico now requires a "rigorous regulatory audit" before obtaining final authorization. The fintech launched a no-fee credit card in Mexico in 2020 and added savings accounts in 2023, announcing later that year that it was seeking a Mexican banking license to expand its services to be able, for example, to handle direct deposits of salaries for customers and higher deposit limits. Nubank currently already has 10 million customers in Mexico, its founder and CEO David Velez said in a company statement. Velez called the transition into a bank a "landmark achievement that we trust will stimulate further innovation and competition in Mexico." Sign in to access your portfolio
Reuters
24-04-2025
- Business
- Reuters
Nubank clears major hurdle in securing Mexico banking license
MEXICO CITY, April 24 (Reuters) - Brazilian fintech Nubank (NU.N), opens new tab said on Thursday that its Mexico arm received regulatory approval from the Mexican National Banking and Securities Commission to begin the process of becoming a full-service bank. In a statement, Nubank, one of the fastest-growing digital lenders in the world, said the process to secure the banking license in Mexico now requires a "rigorous regulatory audit" before obtaining final authorization. The fintech launched a no-fee credit card in Mexico in 2020 and added savings accounts in 2023, announcing later that year that it was seeking a Mexican banking license to expand its services to be able, for example, to handle direct deposits of salaries for customers and higher deposit limits. Nubank currently already has 10 million customers in Mexico, its founder and CEO David Velez said in a company statement. Velez called the transition into a bank a "landmark achievement that we trust will stimulate further innovation and competition in Mexico."
