Analysis of Nu’s positioning in the Mexican credit market
At the end of the first half of 2025, official data from the National Banking and Securities Commission (CNBV) reveal a significant change in the revolving credit sector in Mexico. The Brazilian company Nu, a subsidiary of the Nubank conglomerate, has emerged as the third provider of this financial product, surpassing traditional institutions and only preceded by BBVA México and Citibanamex.
Competitive dynamics between banking actors
BBVA Mexico maintains its leadership with 10.76 million active plastics, registering a year-on-year growth of 14.7%. Citibanamex, for its part, retains second place with 9.23 million units, which represents an increase of 7.4% compared to the same period in 2024. However, the most notable performance corresponds to Nu, whose credit card customer base reached 6.6 million, a year-on-year increase of 52%, the highest among the main issuers.
This growth contrasts with the evolution of other participants. Santander reported 3.95 million cardholders (1.2% growth), while Bancoppel experienced a contraction of 18.3%, reducing its portfolio to 3.73 million. Banorte, on the other hand, showed an expansion of 13.6%, totaling 2.56 million outstanding loans.
Factors behind market growth
The Mexican financial ecosystem has experienced a structural transformation driven by three key variables:
1. Digitalization:68% of Nu’s new issues were carried out through 100% digital processes, eliminating physical branch requirements.
2. Regulation:The CNBV reports that the total number of cards in circulation increased by 1.84 million (5.2% year-on-year), reaching 37.16 million, a figure that includes operations by banks and Sofipos.
3. Deposit acquisition: Nu México increased its deposit portfolio by 103% annually, totaling 6.7 billion dollars, which represents 18.3% of the company’s 36.6 billion global assets.
Regulatory implications and perspectives
Despite its banking license obtained in 2024, Nu currently operates as Sociedad Financiera Popular (Sofipo) pending authorization to fully integrate into the multiple banking system. This status allows it to participate in the credit market, although with certain operational limitations compared to traditional banks.
Analysts project that, if the current growth rate is maintained, Nu could surpass Citibanamex in card portfolio by the third quarter of 2026. However, this scenario will depend on factors such as:
- The evolution of reference interest rates
- Possible regulatory adjustments of the CNBV
- The ability of traditional banks to accelerate their digitalization processes
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