Mexico Fintech Chatter, October 5, 2026
Noticias FinTech México
Estephany Ley To Become Fourth CEO of Nu Mx in Seven Years
Nubank announced the appointment of Estephany Ley as CEO of its Mexican operations, effective early November. It also appointed Rodrigo Kuri, a former Banamex and Santander senior executive, as Chairman. Ms. Ley, formerly Head of Retail Banking at BanCoppel, will replace Armando Herrera, who served as Nu Mexico’s CEO for a little over a year; during his brief tenure, the company reached profitability and secured the CNBV’s authorization to start operations as a bank, but ultimately, it’s clear he wasn’t quite the right “Nu” fit due to lack of experience in mass retail banking, and a more corporate, risk management, “AMEX” approach to management. The CEO and Chairman changes come after Nu also just changed its Mexico CFO, poaching Martín Masola from Revolut Mexico, underlying the upheaval at the company’s Mexican operations.
The combination of the widely admired and liked Ms. Ley and Mr. Kuri brings deep experience from three very well entrenched banks, BanCoppel, Banamex and Santander. At BanCoppel, the US-educated and former Credit Suisse private banker (in Singapore and Switzerland) Ms. Ley, along with the rest of senior management under CEO Carlos López Moctezuma, helped turn BanCoppel into a broader consumer bank from its retail-lending and remittance origins, retaining its core lower-income customers while attracting wealthier middle-class households with three priorities: expand the product range, improve the digital experience and make better use of Coppel’s extensive physical network. Recently BanCoppel launched payroll loans, auto loans, mortgages, increased personal loans limits, and overhauled the digital experience with a much improved app. Meanwhile, Mr. Kuri spent 10 years at Santander, including over five years in Madrid, where he was Managing Director of the Future (i.e., Digital). He then spent five years at Citibanamex (now Banamex) helping oversee its digital strategy, before running the vital consumer division. Once touted as a possible Citibanamex CEO, he left in 2021 to step back from the corporate world and found Pacto, a restaurant software and payments company that works closely with Santander’s GetNet and BBVA’s OpenPay and is backed by DilaCap and Femsa Ventures, among others.
So after the recent missteps, on paper Nu Mexico looks like it now has the management team in place to tackle the next phase of growth as a regulated bank. The goal would be to move from being a somewhat primitive credit card and high yield deposit bank for almost all of its customers to a principal bank with a wide range of products and services, and achieve this while sustaining profitability and managing credit risk prudently in a highly competitive environment. It has the key advantage of a strong brand, low cost to serve thanks to its sophisticated regional digital-AI infrastructure, but the disadvantage of any newcomer in the financial sector, adverse selection of poor-quality clients, and a global management team that is quite dispersed and focused on multiple markets.
Company press release, 9/29/26: Nu Mexico appoints Estephany Paulette Ley as CEO to lead its next stage as a bank | Other sources: MexMoves: BanCoppel’s New Retail Strategy (Sep. 2025).
Jeeves Raises Funds to Continue Expanding as Mexican Revenues Double
Corporate payments fintech Jeeves raised US$110 mn in a round led by CoinFund, with participation from AllianceBernstein, Andreessen Horowitz and others. The company plans to use the proceeds to launch its own stablecoin wallet, expand into accounts receivable, and add agentic AI to its platform. According to the company, its Mexican revenues more than doubled over the past twelve months.
DPL News, 10/1/26: Jeeves raises $110 mn to scale platform with stablecoins.
Lectura adicional…
- Fintechs advance, but still have a small market share: Fitch.
- US Fed and Banxico to end ‘Directo a México’ remittances program.
- Banks have closed almost 500 branches over past year.
- Motorcylce financing FinTech Galgo gets $55mn credit facility from BBVA Spark.
- Kapital says it buys AI-software Woz Code for $30mn.
Noticias de LatAm FinTech
Nubank Ends Monzo Talks; Shares Rebound
In a rather unusual filing, “given the extent of recent media speculation” Nubank said, while “in the normal course of business, [it] regularly evaluates opportunities”, it was “not pursuing a transaction” with UK-based neobank Monzo, implicitly confirming that they had held talks, but ultimately no agreement was reached. Shares rebounded, ending the week with just a 1.2% decline, after plunging over 10% on Monday.
Company notice to the market, 9/30/26: Nu Holdings Ltd. Statement Regarding Media Reports.
Lectura adicional…
- Coming to America: Nubank founder David Vélez faces his biggest challenge yet.
- Mercado Pago closer to securing bank license in Argentina.
Noticias mundiales sobre tecnología financiera
Monzo Eyes Private Equity Sale as Nubank Talks Collapse
After it was unable to close a deal with Nubank as the sides reportedly could not agree on a price, Monzo now would prefer a sale to a private equity fund, according to the FT. The UK digital bank has held early talks with CVC and Advent International about selling a stake of up to 15%, a route its board reportedly favors over a traditional venture capital round because it would likely bring in more growth capital. The company has endured a rough year: its board ousted CEO TS Anil, and his successor, former Google executive Diana Layfield, closed the US offices and refocused expansion on Europe. Analysts note that private equity buyers may be even more price-sensitive than Nubank, which could leave existing investors to fund Monzo’s growth ahead of a later exit.
FT, 10/1/26, Laith Al-Khalaf: Monzo courts private equity after Nubank walks away.
Lectura adicional…
- Apple Faces Class Action Over Apple Pay Fees Charged to Banks.
- Lazy Customers Are Great for Banks. Could AI Change that?
- Community banks sue US regulator over crypto firm charters
- The risks of HSBC’s return to its roots.
Contacto
Gilberto García
Partner and Head of Strategic Advisory
