Key Takeaways
- In Q1 2026, Nubank reached a market break-even in Mexico, hitting 15 million customers as the 3rd top bank.
- Highlighting a digital shift for the 46% banked market, Revolut gained 290K users and $218M in deposits.
- Next, Nubank will invest $4.3B through 2030, while Revolut scales its $167M investment to capture users.
Mexico Becomes A Hotbed for Alternative Neobanks
The Mexican market, with over 90 million adults demanding financial solutions, is showing increasing adoption levels of digital alternatives to traditional banking.
Revolut and Nubank, two large neobanks, have disclosed milestones that indicate Mexico has reached an inflection point in its shift toward these solutions.
During its recent 2026 Q1 earnings call, Nu Holdings highlighted that for the first time, it had reached break-even since its entrance to Mexico in 2019.
David Vélez, founder and CEO of Nubank, stated that they had “achieved break-even and become the third largest financial institution in the market, reaching 15 million customers.” Furthermore, during the earnings call, the company stated that Mexico presented opportunities similar to those of the Brazilian market a decade ago, with its addressable profit pool exceeding $40 billion per year, growing faster than major banking markets.
Nubank expects to invest $4.3 billion through 2030, as it prepares to launch banking operations in the country, targeting a sector currently underserved by traditional banks.
Revolut, a UK-based neobank that only started operating in Mexico in January, is also ramping up investments to prepare itself for a similar influx of customers. The company reported that it had scaled its investment to $167 million, signaling its trust in the upcoming growth of its operations.
By the end of March, Revolut had reached over 290,000 customer registrations in Mexico, holding $218 million in deposits.
Revolut Mexico CEO Juan Guerra highlighted that the reception of the Mexican market had exceeded their expectations. “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,” he stressed.
The two companies’ push to reach more customers in Mexico, and their corresponding investments, underscore that the Mexican market is ready to shift to digital-first operations in an ecosystem where only 46% of individuals aged 15 and older hold a bank account.
