Nubank has appointed fintech expert Armando Herrera as the CEO of its Mexican operation, effective September 2. Herrera takes over from Iván Canales, who is on parental leave but will continue contributing to Nu Mexico.
With 15 years in the financial services sector, Herrera most recently worked as the general manager for Finance products at the fintech company Konfío, which specializes in digital solutions for small and medium-sized businesses.
Prior to his role at Konfío, he held positions at American Express, where he served as vice president and general manager across various areas.
Herrera joins Nubank during a period of significant growth, with the company reporting a 60% year-over-year increase in its customer base. The firm has also secured banking license approval, highlighting its long-term commitment to Mexico, according to Guilherme Lago, the chief financial officer of NU Holdings.
Lago noted that Herrera’s experience in the Mexican financial market, along with his capacity to drive business growth and deliver innovative solutions, makes him a great asset at this time.
In his statement, Herrera expressed enthusiasm about aligning with Nubank’s vision and leading the effort in what he calls a pivotal chapter in their journey within Mexico’s digital financial service landscape.
During Canales’ leadership over the past three years, NU Mexico launched various products such as credit cards, deposit accounts, and personal loans, successfully obtaining the necessary banking license.
Lago mentioned that as of August 18, 2023, Nu Mexico has grown its customer base, now serving about one in four banked Mexicans.
Nu Holdings operates in Mexico, Brazil, and Colombia, with an aim to increase its customer base by 22% to reach a total of 114.2 million by February 2024.
The company is pursuing a “three ACT strategy” aimed at expanding beyond financial services to establish a significant retail banking presence in Latin America and evolve into a “global AI-driven digital banking model.”
