Two of fintech’s biggest brands are now on the same battleground, but they’re arriving with very different playbooks.
Revolut built its reputation by making money feel borderless. It scaled globally on multi-currency, international transfers, and a repeatable product platform, then kept layering on adjacent services. The business now reports 70m+ customers globally and has posted a step-change in profitability and scale through 2024.
Nu (Nubank) took a different route. It won by compounding a simple, mass-market proposition into habit and trust, then scaling across Latin America with strong activity and economics. Nu reports 127m customers globally (Q3 2025) and has already built major momentum in Mexico well ahead of formal bank status.
Why Mexico is the prize
Mexico is big, profitable, and still full of customer friction. The banking sector is concentrated, with a small number of large incumbents holding most of the assets. In 2024, the system generated record profits while everyday payment behaviour remains heavily cash-led, particularly for low-value transactions.
The headline opportunity sits in two places:
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Everyday banking primacy for consumers who are increasingly comfortable with app-led money management.
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Cross-border money movement, in a country that received $64.7bn in remittances in 2024.
Two entry strategies
Revolut’s strategy is a bank-first landing. It moved from beta to full launch on 27 January 2026, positioning Mexico as its first bank outside Europe. Revolut also signalled seriousness with $100m+ capitalisation for the local bank.
The wedge is clear: international transfers, multi-currency, and savings yield, with remittances a likely acquisition lever.
Nu’s strategy has been the long game. It scaled Mexico for years as a SOFIPO, built a large customer base, and then secured CNBV approval in April 2025 to begin converting into a bank, subject to further regulatory steps. It has also tackled Mexico’s cash reality through an OXXO partnership for deposits and withdrawals.
Who wins?
This looks less like a knockout and more like segmented leadership.
Nu is best positioned to keep winning mass-market everyday banking, because it already has scale, distribution, and local credit experience. Revolut is well placed to own globally connected consumers and the cross-border segment, then expand from that wedge into broader primacy if it can solve local cash access and build underwriting depth.
What to monitor
To track success, watch five signals:
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Primary account adoption (salary deposits, bill pay, recurring usage)
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Deposit growth and cost (is yield a sustainable engine or a short-term hook?)
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Remittance volumes and pricing power as the corridor shifts
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Credit expansion and delinquency as each pushes deeper into lending
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Regulatory milestones and partnerships, especially Nu’s final bank authorisation steps and Revolut’s cash access strategy
