Nubank Names New Mexico CEO Ahead of Banking Expansion

Nubank, Latin America's largest digital bank, has named Armando Herrera as CEO of its Mexico business ahead of a banking push. Herrera, who joins from Konfío, will take over for founder Iván Canales on Sept. 2. Canales will remain an adviser. Herrera has 15 years of experience in financial services and holds degrees from the Massachusetts Institute of Technology and IPADE. Nubank has reached 13% of Mexico's adult population and operates across 98% of the country's municipalities.

Nubank, Latin America's largest digital bank, has appointed Armando Herrera as the new CEO of its Mexico business, effective September 2. Herrera joins from Mexican fintech firm Konfío and will succeed founder Iván Canales, who will remain as an adviser. This move comes as Nubank prepares to operate as a licensed bank in Mexico, the region's second-largest economy.

Herrera brings over 15 years of experience in financial services, having previously served as general manager of financial products at Konfío and holding senior roles at American Express in Mexico. He holds degrees from the Massachusetts Institute of Technology and IPADE Business School. Under his leadership, Konfío has grown significantly, and Herrera's expertise in scaling businesses and delivering innovative solutions will be invaluable to Nubank [3].

Canales, who led the Mexico unit from its inception, has played a pivotal role in securing Nubank's banking license. Under his leadership, Nubank launched a credit card, introduced high-yield deposit accounts, and expanded personal loans, efforts that culminated in the banking license approval [1].

Nubank has reached approximately 13% of Mexico's adult population and operates across 98% of the country's municipalities, making it a significant player in the Mexican financial landscape. The company has also provided nearly half of its users with their first credit card in a country where only about a third of adults have formal credit [1].

The appointment of Herrera signals Nubank's commitment to consolidating its position in the increasingly competitive fintech and banking market in Mexico. With a strong focus on financial inclusion and responsible credit access, Nubank aims to continue its growth trajectory under new leadership [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-20/nubank-names-new-ceo-for-mexico-business-ahead-of-banking-push
[2] https://coinmarketcap.com/academy/article/latin-america-crypto-flows-jump-800percent-to-dollar27b-in-three-years
[3] https://www.marketscreener.com/news/nu-appoints-armando-herrera-as-the-new-ceo-of-its-mexican-operation-ce7c51d2d18dff2c