Nubank, the crypto-friendly digital bank from Brazil, has secured a formal banking license from Mexico's financial regulator, Comision Nacional Bancaria y de Valores. This license enables Nubank to offer a wider range of financial products, including payroll and current accounts, higher deposit limits, and more loan options. Since its entry into the Mexican market in 2019, Nubank has invested billions and grown its customer base to over 15 million, capturing about 15% of the local adult population. Founder and CEO David Vélez announced that Nubank's total investment in Mexico is projected to reach $4.2 billion by 2030. The new banking license is expected to allow Nubank to replace some of its wholesale funding with lower-cost deposits, enhancing its competitive edge against major Mexican banks and fintech rivals like Revolut and Klar.