{"id":20021,"date":"2026-10-26T12:00:21","date_gmt":"2026-10-26T18:00:21","guid":{"rendered":"https:\/\/miranda-partners.com\/news-and-content\/miranda-intelligence\/fintech-chatter\/mexico-fintech-chatter-octubre-19-2026\/"},"modified":"2026-11-05T21:51:31","modified_gmt":"2026-11-06T03:51:31","slug":"mexico-fintech-chatter-octubre-19-2026","status":"publish","type":"post","link":"https:\/\/miranda-partners.com\/es\/news-and-content\/miranda-intelligence\/fintech-chatter\/mexico-fintech-chatter-octubre-19-2026\/","title":{"rendered":"Mexico Fintech Chatter \u2013 Octubre 19, 2026"},"content":{"rendered":"<h3>Noticias FinTech M\u00e9xico<\/h3><h4>Nubank and Plata head to head: some trends<\/h4><p>With Nubank recently starting operations as a bank, it was included for the first time in CNBV\u2019s August data release for banks, changing its comparable peers from Sofipos Stori and Klar, to Banco Plata. For Nubank, the monthly numbers include changes in accounting from being a Sofipo to bank, so take all of the following conclusions with a grain of salt; these changes might explain part of the difference between the reported portfolio, up 2.4% MoM, compared to the 0.8% MoM growth previously reported by Condusef. As for the income statement, the greatest variation was the 37% surge in operating expenses, reflecting at least in part the new normal of a larger employee base to run a bank (the \u201clevel playing field\u201d Banorte\u2019s management likes to highlight); also noteworthy was the 23% MoM increase in interest expenses, which led to a 14% contraction in the financial margin. On the positive side, provisions declined by 20% while \u201cOther income\u201d turned positive, allowing for another month of positive profits before taxes (though much higher taxes led to a small net loss).<\/p><p>On the other hand, Plata continued to report improving trends, with losses before taxes narrowing for the third consecutive month. Portfolio and deposit growth remained strong, well above peers. Interest expenses rose faster than interest income, but the financial margin still improved by a remarkable 6%. Provisions were essentially flat, while expenses declined significantly, down 22% from an atypically high July. Losses before taxes declined by almost two thirds, leaving the company the closest it has been to profitability.<\/p><h4>Nubank vs. Plata: August 2026<\/h4><ul><li><strong>Size.<\/strong>\u00a0Nu is still the bigger bank, but by less than its brand suggests. Its loan book is 1.9x Plata\u2019s (MXN 37.4bn vs. 19.8bn). Interest income is 1.6x (1,883mn vs. 1,196mn) and revenue (interest income plus fees) is 1.7x. The financial margin is almost level, though: Nu made MXN 994 mn and Plata 875 mn, a gap of only 1.14x. After provisions, Plata\u2019s risk-adjusted margin is twice Nu\u2019s (MXN 495 mn vs. 236 mn), even though its book is half the size.<\/li><li><strong>Margin.<\/strong>\u00a0On the interest income\/interest expense ratio, Plata earns 3.7x what it pays in interest, against 2.1x for Nu. Annualized NII\/loans is about 53% for Plata and 32% for Nu. Nu\u2019s problem is negative carry. It holds MXN 97 bn of deposits against MXN 37 bn of loans (38.5% loans-to-deposits), so it pays for liquidity it hasn\u2019t lent out. Plata\u2019s loan book is bigger than its deposits (136%), so nearly all of its funding is earning loan yields.<\/li><li><strong>Expenses.<\/strong>\u00a0Nu is clearly more efficient. Its efficiency ratio (operating expenses over operating revenue) is 41%, against 78% for Plata, and annualized operating expenses run at 19.5% of loans vs. 49%. The trends are moving in opposite directions, though. Nu\u2019s ratio has climbed from 26% in June to 41% as it staffs up to run as a bank, and at least some of that additional cost is likely structural. Plata\u2019s has fallen from 109% to 78%, which perhaps shows its excess costs are discretionary and easier to cut. Again, transition periods will always have some level of noise, so it will be key to monitor their evolution in the coming months.<\/li><li><strong>Asset quality.<\/strong>\u00a0The headline NPL ratios are similar: 6.8% for Nu and 7.0% for Plata. Annualized cost of risk is also close, at 24% vs. 23%. Nu\u2019s write-off-adjusted NPL ratio of 20.1% (vs. 11.2% for Plata) shows how much more Nu has already charged off.<\/li><li><strong>Loan growth.<\/strong>\u00a0Using the Q-o-Q convention (August vs. June), Plata\u2019s loans grew 24.4% against 4.8% for Nu. Plata\u2019s deposits rose 85% over the same period, while Nu\u2019s fell 2.4%. Year-on-year figures aren\u2019t available because Nu has no history as a bank, which makes the comparison to its Sofipo days tricky, while Plata has rather limited historical data.<\/li><\/ul><figure>\n<img loading=\"lazy\" decoding=\"async\" alt=\"\" height=\"896\" src=\"https:\/\/miranda-partners.com\/wp-content\/uploads\/2026\/10\/1bdd1922d48609f7.png\" width=\"1456\"\/><figcaption><em>Source: CNBV, Miranda Partners. Figures in MXN mm. * Nubank\u2019s Adjusted NPL ratio was calculated based on reported write-offs as a Sofipo from Sep. 2025 to July 2026 and implied write-offs for August as a bank.<\/em><\/figcaption><\/figure><hr\/><h4>Banamex leads G7 in portfolio growth as it markets inaugural AT1s and IPO plans near<\/h4><p>CNBV data showed Banamex had the strongest loan growth among the largest banks, up 11.8% YoY in August, ahead of total system growth at 9.0%. The corporate book saw the fastest growth, up 15.7% in the past twelve months. Still, it has not kept up with Banorte\u2019s market-leading pace in the more profitable but higher risk consumer segment: Banamex\u2019s total consumer book was up 11.3%, a decent performance, but noticeably slower than Banorte\u2019s perhaps overly rapid 18.1%. Similarly, and as we\u2019ve\u00a0<a href=\"https:\/\/miranda-partners.com\/wp-content\/uploads\/2026\/10\/5cd3aba6-Mexico-Fintech-Chatter-09.28.26-ENG.pdf\">noted before<\/a>, its ROE has improved dramatically (11.41% in August vs 8.52% a year ago) but still lags the system (16.26%) and peers (Banorte at 30.55%, BBVA at 23.79%). Riding on the optimistic outlook, the bank\u2019s executives are marketing loss-absorbing AT1 bonds in New York, a key move as it continues to prepare for a future outside the Citi umbrella.<\/p><p>Reuters, 10\/14\/26, Kylie Madry:\u00a0<a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/mexicos-banamex-markets-risky-debt-ahead-citi-split-2026-10-14\/\">Mexico\u2019s Banamex markets risky debt ahead of Citi split<\/a>.<\/p><hr\/><h4>Lectura adicional&#8230;<\/h4><ul><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.eleconomista.com.mx\/sectorfinanciero\/sector-financiero-ve-desafios-datos-procesos-regulacion-escalar-ia-20261013-838446.html\">Data, processes and regulation, challenges to scale AI: Fintech Mexico<\/a>.<\/li><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.eleconomista.com.mx\/sectorfinanciero\/mastercard-lanza-programa-ampliar-aceptacion-pagos-contacto-mexico-20261014-838706.html\">Mastercard seeks to boost contactless payments in Mexico<\/a>.<\/li><\/ul><hr\/><h3>Noticias de LatAm FinTech<\/h3><h4>Banking giant Itau seeks growth in alternative assets with Prisma stake acquisition<\/h4><p>Ita\u00fa Unibanco has agreed to acquire a 35% stake in Prisma Capital, a Sao Paulo\u2013based alternative asset manager with roughly R$28 billion (~US$5.6 bn) under management, in a bid to grow its footprint in Brazil\u2019s special-situations and credit-fund market. Prisma invests across private and listed equity, credit, real estate and distressed companies, and has exposure to tech platforms that originate credit. Terms were not disclosed. Prisma\u2019s founding partners, who retain full voting control, said the fresh capital will expand Prisma\u2019s investment capacity. The deal is subject to approval from Brazil\u2019s regulators.<\/p><p>Bloomberg, 10\/14\/26, Cristiane Lucchesi and Matheus Piovesana:\u00a0<a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-10-14\/itau-buys-35-of-prisma-capital-in-alternatives-push-in-brazil\">Itau Buys 35% of Prisma Capital in Alternatives Push in Brazil<\/a>.<\/p><hr\/><h4>David Velez explains (yet again) US strategy<\/h4><h4>Nubank\u2019s US ambitions: hours of podcasts, some takeaways<\/h4><p>Nubank\u2019s top executives took time out of running a now four-country bank to go on the podcast circuit this month. If you are too busy to listen to more hours of how Nu is going to transform US and global banking (again), here are some highlights. Plenty of familiar fintech evangelism about customer obsession, AI, innovation, struggles with their own bank accounts leading to Eureka moments, terrible incumbents, but also some genuine insights on what they are planning to do and how they intend to make money (eventually).<\/p><ol><li><strong>The US banking system is terrible.<\/strong>\u00a0Like Captain Renault, US-educated V\u00e9lez and Junqueira are \u2018\u2019shocked, shocked\u2019\u2019 by how much American banks charge and how cumbersome their banking systems remain. Billionaire Junqueira recounts (yet again \u2013 one has to admire her storytelling discipline) spending months trying to obtain a US credit card despite already having a mortgage and substantial banking relationships. V\u00e9lez argues that traditional banks pay almost nothing on trillions of dollars in deposits, effectively keeping interest income that should go to customers. Nu\u2019s pitch is straightforward: pay customers to bank rather than charge them for the privilege. (Not mentioned: Chime, SoFi, Ally and others have been making essentially the same argument for years. Nu is not discovering an untouched market).<\/li><li><strong>Start with Latin Americans, then go after mainstream America.<\/strong>\u00a0Nu believes its existing 140 million Latin American customers provide a natural entry point into the US. Junqueira estimates that between 500,000 and five million Brazilians, Mexicans and Colombians living in America already know the brand, depending on how broadly the potential market is defined. They are the obvious early adopters, particularly given Nu\u2019s plans for free transfers between the countries. But management insists it is not building an immigrant bank. Its real target is the American mass market, including what Junqueira calls approximately 56 million underserved\u00a0<em>mass-affluent<\/em>\u00a0consumers.<\/li><li><strong>Customer obsession beats advertising.\u00a0<\/strong>Both executives repeatedly emphasize that Nu grew in Latin America largely through referrals and customer satisfaction rather than expensive marketing. Junqueira says she spent launch night reading customer-service transcripts and social media comments (sounds fun), looking for things to improve. She would rather have fewer enthusiastic customers than millions attracted by promotions who barely use the product. Fair enough, although Nu is hardly avoiding marketing: its US debut took place at Inter Miami\u2019s Nu Stadium, and it sponsors Mercedes\u2019 Formula One team. Customer obsession works even better when accompanied by football and fast cars.<\/li><li><strong>The actual products are competitive, rather than revolutionary.<\/strong>\u00a0Nu is offering 3.5% interest on savings, potentially rising to 4.5% on balances up to US$10,000, (key point), alongside a credit card paying 1.5%\u20132% cashback and free international transfers. Attractive, certainly, but broadly comparable to existing US fintech and online banking products, especially as the higher deposit rate comes with a cap that limits the financial cost to Nu. Nu launched through Lead Bank before obtaining its full banking licence because it wanted to start learning from real customers. The US charter remains subject to regulatory approvals, expected in 2027.<strong>\u00a0<\/strong>For now, Nu is testing its proposition rather than operating as a fully fledged US bank.<\/li><li><strong>AI is really about lending, not chatbots.<\/strong>\u00a0V\u00e9lez argues that credit, rather than deposits or payments, is where the largest banking profits lie. Nu has developed proprietary AI underwriting models, called NuFormer, drawing on 13 years of experience and data from 140 million Latin American customers. Management claims the models have improved credit decisions and created substantial economic value in existing markets. The ambition is to transfer that expertise to the US, where Junqueira believes banks rely too heavily on conventional FICO scores. However, V\u00e9lez acknowledges that the ability to apply these models to customers in entirely new countries remains unproven. Junqueira also says Nu\u2019s US customer service will initially be handled by humans because the company lacks sufficient local data to train reliable AI agents. Some cautious admission amid the AI enthusiasm.<\/li><li><strong>Nu Global could be huge or tiny.<\/strong>\u00a0Alongside its US launch, Nu introduced a stablecoin-based account targeting customers in more than 35 countries, supported by Switzerland\u2019s Sygnum Bank. Customers can hold digital dollars or euros, earn advertised yields of 3.5% and 2.2%, and make international transfers without FX markups or transaction fees. V\u00e9lez describes it as a way of moving from three countries to potentially dozens without building a full bank in each one. It could also help Nu identify markets where customer demand justifies deeper investment. The unanswered question is how much money Nu can make when it charges virtually nothing for the service.<\/li><li><strong>Expenses capped.<\/strong>\u00a0Management says its international expansion, including the US and Nu Global, should add less than 100 basis points annually to its operating expense ratio. Junqueira says the company will initially prioritize customer satisfaction over rapid growth, with a longer-term ambition to become customers\u2019 primary bank. V\u00e9lez acknowledges that Brazil remains Nu\u2019s biggest and most tangible opportunity, followed by Mexico and Colombia. The US is a long-term investment, not an immediate earnings driver.<\/li><li><strong>Design matters, says the designer.<\/strong>\u00a0Ethan Eismann, Nu\u2019s first Chief Design Officer, previously worked at Google, Airbnb, Uber, Adobe and Slack. He argues that good banking design is about much more than a beautiful app: speed, simplicity, reliability and making customers feel they can trust the institution. Nu has completely redesigned its US app, from typography and navigation to how quickly customers can complete transactions. Eismann says he benchmarks the experience not just against banks, but against the likes of Airbnb and ChatGPT. His ambition is to make opening the app feel like walking into a beautifully designed bank branch, complete with marble floors and polished brass doors, just without the actual branch. He also sees AI eventually delivering personalized banking experiences, with different interfaces and financial recommendations for each customer.<\/li><\/ol><p><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=_Si-GjUbMrE&amp;t=2s\">Brainfood interviews David Velez on US expansion<\/a><\/p><p><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=jzEXhAd7tDU\">Nubank\u2019s Ethan Eismann explains US design strategy<\/a><\/p><p><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Crisq61QIwI\">FInTech Leaders chats with Nu\u2019s Junqueira<\/a><\/p><hr\/><h4>Lectura adicional&#8230;<\/h4><ul><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.startupresearcher.com\/news\/asaas-launches-asaas-smart-payment-terminal-for-smes-in-partnership-with-adyen\">Asaas Launches Asaas Smart Payment Terminal for SMEs in Partnership With Adyen<\/a>.<\/li><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/apnews.com\/article\/brazil-workweek-lula-flavio-bolsonaro-senate-b851c95d90ff5ad3675e4ec343bd12fe\">Brazil\u2019s Senate approves a shorter workweek in major win for Lula ahead of runoff<\/a>.<\/li><\/ul><hr\/><h3>Noticias mundiales sobre tecnolog\u00eda financiera<\/h3><h4>Bank of America hit with $1.2 billion fine on compliance shortcomings<\/h4><p>U.S. regulators imposed more than $1.21 billion in penalties on Bank of America on October 13 for serious anti-money laundering and sanctions compliance failures, including suspicious transactions linked to Chinese money laundering networks, potential drug trafficking proceeds and illicit financial activity along the U.S.\u2013Mexico border. The bank failed to report more than $5 billion in suspicious transactions on time, including over $1 billion involving national-security and other priority financial-crime risks. The most striking Mexico-related finding concerns more than US$660 million in suspicious payments linked to online auctions of used and salvage vehicles. According to FinCEN, approximately one-third of the suspicious deposit groups had links to the US southwest border. The transactions involved money orders, frequently in amounts just below US$3,000. Despite repeated internal warnings, Bank of America failed to adequately monitor or promptly report much of this activity. The penalties include a $1.2 billion FinCEN fine, which credits a record $750 million OCC penalty, plus an $11.6 million OFAC settlement over sanctions violations. Despite a 2024 enforcement order, significant compliance failures persisted. Bank of America must now undergo independent reviews explicitly examining risks involving the U.S.\u2013Mexico border, cartels and potential narcotics trafficking.<\/p><p>WSJ, 10\/13\/26, Dylan Tokar, Ben Glickman and Katherine Hamilton:\u00a0<a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/regulation\/bank-of-america-to-pay-1-21-billion-to-settle-violations-of-money-laundering-sanctions-laws-203b5fdf\">Bank of America to Pay $1.2 Billion to Settle Violations of Money Laundering, Sanctions Laws<\/a>.<\/p><hr\/><h4>Lectura adicional&#8230;<\/h4><ul><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/visa-gets-approval-prepare-domestic-business-china-2026-10-13\/\">Visa gets approval to prepare for domestic business in China<\/a><\/li><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f49c8e39-f07f-4177-9948-aabe55e5ed91?syn-25a6b1a6=1\">Citi becomes latest US bank to restrict AI agents from accessing accounts<\/a>.<\/li><li><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4dfcf1ba-0b8e-4198-b0a4-e975ebde9066\">Why is the fintech boom failing to improve fin-lit?<\/a><\/li><\/ul><hr\/><h3><strong>Contacto<\/strong><\/h3><p><strong>Gilberto Garc\u00eda<\/strong><\/p><p><em>Partner and Head of Strategic Advisory<\/em><\/p><p><a href=\"mailto:gilberto.garcia@miranda-partners.com\">gilberto.garcia@miranda-partners.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>With Nubank recently starting operations as a bank, it was included for the first time in CNBV\u2019s August data release for banks, changing its comparable peers<\/p>","protected":false},"author":35,"featured_media":20022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[74],"tags":[],"class_list":["post-20021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech-chatter"],"_links":{"self":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/comments?post=20021"}],"version-history":[{"count":1,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20021\/revisions"}],"predecessor-version":[{"id":20025,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20021\/revisions\/20025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media\/20022"}],"wp:attachment":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media?parent=20021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/categories?post=20021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/tags?post=20021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}