Nu Holdings Ltd. has achieved a significant milestone in its expansion strategy with the approval of a banking license by Mexico's National Banking and Securities Commission (CNBV) in April 2025. This regulatory approval allows Nu to operate as a bank in Mexico, facilitating the introduction of new products and services such as payroll portability. This move is part of Nu's broader strategy to enhance its presence in the Mexican financial market, aiming to become the largest financial institution in the country over the next decade. The license will also enable Nu to enter new segments like Small and Medium-sized Enterprises (SMEs), leveraging synergies between customer and SME ecosystems.