Nu México (Nu Holdings)
US$92Bdigital bank
Mexico City (local op) / São Paulo (parent) · founded 2013
Nu Holdings
Latin America · GDP rank #12
Mexico
MX · MXN @ 0.0575/USD
A two-speed payments economy: SPEI handled more than 7.3 billion interbank transactions in 2025 and is on track to overtake card volume by 2026, while CoDi has been allowed to wind down in favour of DiMo's phone-alias overlay. Remittance inflows from the United States stayed the world's largest by absolute value but fell 4.6% in 2025 — the steepest annual decline in 16 years. The fintech sector regulated under the 2018 Ley Fintech has become the region's most active deposit-competition battleground after Brazil.
Tab 07
Fintech & disruption
Mexico is Latin America's second-largest fintech market after Brazil and the most dynamic on a per-capita basis. The 2018 Fintech Law lowered the regulatory bar for entry and the presence of three fintechs with more than 10 million Mexican users each (Mercado Pago, Nu, Stori) means the country has become a genuine deposit-competition battleground. Funding cooled from 2021 peaks but Nu's run to a US$90bn-plus market cap has sustained strategic appetite.
Fintech funding · LTM
US$680M▼ −18% vs Apr 2024–Mar 2025
USD · Apr 2025–Mar 2026
Largest unicorn
US$92B
Nu México (Nu Holdings)
Unicorns
Clip
US$2.0BSMB acquiring
Mexico City · founded 2012
Clip
Kueski
US$1.4BBNPL and consumer lending
Guadalajara · founded 2012
Kueski
Konfío
US$1.3BSMB lending
Mexico City · founded 2013
Konfío
Stori
US$1.2Bcredit cards
Mexico City · founded 2018
Stori
Funding
Largest disclosed rounds · LTM
Rounds shown are the largest disclosed in the last twelve months. Private markets remain opaque — valuations at follow-on are the most reliable signal of investor conviction.
Round size
- StoriUS$105M
Series C Extension · 2025-11-12
- ClaraUS$60M
Series B · 2025-06-24
Emerging categories
Remittance disintermediation
scaling~18%% of US$60bn corridor · 2024
- Nu
- Mercado Pago
- Félix Pago (WhatsApp-based)
- Remitly
- Wise
CNBV licence waiver for inbound remittance payouts up to US$3,000 per month under 2023 simplification.
Source · Banxico / CEMLA
BNPL under Fintech Law consumer-credit rules
regulatedMX$58BMXN/year · 2024
- Kueski Pay
- Aplazo
- Nelo
- Mercado Crédito
Consumer-credit rules under Fintech Law and CONDUSEF protections apply; interest-rate cap debate unresolved.
Source · Worldpay Global Payments Report
Stablecoin-rail remittance
emerging- Bitso (Bitso Business, USDC/USDT corridors to US)
- Félix Pago (stablecoin settlement)
Banxico's 2021 circular prohibits banks from offering crypto products to retail clients; IFPEs can offer where backed 1:1 by fiat assets held in Mexico.
- ▌Rappi + RappiPay (embedded wallet, credit, card)
- ▌Mercado Libre + Mercado Pago + Mercado Crédito (full-stack)
- ▌Didi + Didi Pay (driver and rider financial services)
- ▌Walmart + Cashi (FinTech subsidiary)
- ▌Femsa (OXXO) + Spin (Premia / Spin wallet for 20m+ users)