Latin American Neobanks Take the Next Step
Latin American fintechs like Nubank and Mercado Pago are seeking full banking licenses to unlock cheaper deposits and drive growth. The post Latin American Neobanks Take the Next Step appeared first on Global Finance Magazine .
In a recent article published in Global Finance Magazine's September 2026 issue, the expansion of Latin American neobanks is discussed. Brazil's fintech industry, led by Nubank, has reached a milestone where it now boasts more customers than the country's traditional private lenders. Nubank, which holds nearly 60% of Brazil's adult customers, represents the country's largest private financial institution by customer count.
Similarly, digital banks have become the primary financial choice for a significant portion of the population in Mexico and Argentina. In Mexico, a popular fintech has gained over 83 million monthly active users, while in Argentina, digital wallets have surpassed cash as the preferred payment method. As these neobanks scale, they face the challenge of meeting the stringent requirements of the banking sector.
To overcome these limitations, several neobanks are seeking the acquisition of banking licenses, deposits, and balance sheets. Nubank recently acquired Banco Porto Real de Investimentos, allowing it to obtain a Brazilian banking license. In Mexico, the neobank Plata secured its banking license in February, while Argentina's Ualá Bank SAU already holds a full banking license in both the country and Mexico.
The transition to a full banking status enables neobanks to access the cheapest funding for their loan books, obtain payroll accounts, and compete with traditional financial institutions.
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