Nubank Appoints FinTech Veteran Armando Herrera to Lead Mexican Operation

Nubank has appointed FinTech veteran Armando Herrera to lead its Mexican operation, Nu Mexico, as CEO, effective Sept. 2.

Herrera succeeds Iván Canales, who is on parental leave and will remain a contributor to Nu Mexico, the digital financial services platform said in a Wednesday (Aug. 20) press release.

Herrera is a 15-year veteran of the financial services industry and most recently served as general manager financial products at Mexican FinTech company Konfío, which provides digital solutions for small and medium-sized businesses (SMBs), according to the release.

Before that, Herrera worked at American Express as vice president and general manager for different areas, per the release.

Herrera joins Nubank at a time when the company is seeing 60% year-over-year growth in its customer base, received approval for a banking license, and retains a strong long-term commitment to the country, Guilherme Lago, chief financial officer of Nu Holdings and chairman of the board of Nu Mexico, said in the release.

“Armando’s proven expertise in the Mexican financial services market, combined with his ability to scale businesses and to deliver innovative solutions, will be a significant asset at this moment of the company,” Lago said.

Herrera said in the release: “I share the same vision as Nubank and I am honored to join the company that has become a reference in digital financial services in Mexico to lead this new chapter.”

During the three years Canales led Nu Mexico, the operation launched a credit card, a deposit account, personal loans and the successful effort to gain approval for a banking license, according to the release.

Lago said in a Monday (Aug. 18) press release that Nu Mexico now serves “about one out of every four banked Mexicans.”

Nu Holdings, which operates across Mexico, Brazil and Colombia, said in February that in 2024, it increased its customer base by 22% to reach a total of 114.2 million.

The company said at the time that it is pursuing a “Three Act Strategy” that includes building “the largest and most loved” retail banking franchise in Latin America, expanding beyond financial services, and becoming “a global AI-driven digital banking model.”