Nubank, Revolut Intensify Push in Mexico’s $40B Market

Nu Holdings reported that Nubank reached break-even in Mexico in Q1 2026, serving 15 million customers and ranking as the country’s third-largest financial institution by customer count.

Founder and CEO David Vélez described Mexico’s market as similar to what Nubank saw in Brazil a decade ago and estimated an addressable profit pool that exceeds $40 billion a year.

Nubank plans to invest $4.3 billion through 2030 to expand services and to launch broader banking operations in Mexico. The firm entered the market in 2019.

Revolut began operations in Mexico in January 2026 and raised its local investment to $167 million. By the end of March the company reported more than 290,000 registrations and $218 million in customer deposits.

Revolut Mexico CEO Juan Guerra noted, “Clearly, there is a strong appetite for a banking app that offers everything in one place: attractive returns, a credit card, instant transfers within and outside of Mexico, investments, and much more.”

Mexico has more than 90 million adults and a low level of banking penetration: about 46% of people aged 15 and older report having a bank account. Large numbers of consumers remain unbanked or underbanked.

Digital-first banks are targeting those consumers with online services and products that reduce reliance on physical branches. Both Nubank and Revolut have signaled multi-year commitments to the market as they compete with established local and international banks for customers choosing digital services over branch-based banking.