Nubank announced that Armando Herrera will become CEO of Nu Mexico starting from September 2.

Ivan Canales, who led the operations for the past three years, is on parental leave and will continue to contribute to Nu.

The transition is occurring under the supervision of Guilherme Lago, Chairman of the Board of Nu Mexico.

Before joining Nu, Herrera was General Manager of Financial Products at Konfío, a Mexican fintech providing digital solutions for SMEs.

He was responsible for strategy, value proposition, distribution channels and overall business profitability.

Herrera has more than 15 years of experience in financial services and previously held Vice President and General Manager roles at American Express.

He holds a bachelor’s degree in Engineering, Computer Science and Economics from MIT and a Master’s in Business Administration from IPADE Business School.

Herrera said,

“I have always believed in the power of empowering people and businesses with accessible, affordable and convenient financial solutions that help them grow and prosper. I share Nubank’s vision, and it is an honour to join the company to lead this new chapter.”

Herrera succeeds Ivan Canales, a founding member of Nu Mexico, who led the operation from its inception.

Under his leadership, Nu launched a credit card that expanded access to credit for millions of Mexicans, a deposit account with competitive returns and personal loans that aimed to be more transparent and accessible.

As Country Manager, Ivan guided Nu Mexico through its institutional development, including the approval of its banking licence, an unprecedented step in the sector.

Nu serves over 12 million people in Mexico, covering 98% of municipalities, including rural areas prioritised by the federal government.

The company has also provided a first credit card to nearly half of its clients.

Nubank has invested over US$1.4 billion in Mexico.

Featured image credit: Edited by Fintech News America, based on image by mrsiraphol via Freepik