Nubank expands Livia Chanes’ remit to chief executive for Latin America

Nubank has named Livia Chanes chief executive for Latin America, adding regional oversight to her existing role as chief executive of Nubank Brazil. The appointment comes as the digital financial institution says it has surpassed 135 million customers worldwide and secured authorization to operate as a bank in Mexico.

Under the new structure, Armando Herrera, Nubank’s country manager in Mexico, and Marcela Torres, its country manager in Colombia, will report directly to Chanes, the company said. Both executives will continue to run their local operations with operational autonomy in their markets.

The change gives Nubank a single regional executive for its three main Latin American markets while preserving country-level management. In practice, that means product, credit and operating lessons from Brazil can be coordinated more directly with teams in Mexico and Colombia, while local managers remain responsible for execution in their regulatory and competitive settings.

Regional growth under one executive

David Vélez, Nubank’s founder and global chief executive, said the company first tested its customer-focused banking model in Brazil. He said bringing the region under Chanes’ leadership was a “natural next step” as the company seeks to address barriers to financial inclusion across Latin America.

Chanes said her aim is to ensure Mexico and Colombia benefit from capabilities built in Brazil. She said Nubank remains focused on growth in Brazil while applying lessons across the region for the benefit of customers in its different markets.

Nubank said about 37 million people have entered the formal financial system through its platform across Latin America. The company put the figure at 31.5 million in Brazil, 4.7 million in Mexico and nearly 1 million in Colombia.

Chanes joined Nubank six years ago as vice president of products. She took charge of the Brazilian operation in the second half of 2022 and became chief executive of Nubank Brazil in early 2024. During her leadership of the country business, Nubank said it added more than 50 million customers in Brazil, reaching 115 million.

Brazil remains the core market

Nubank said Brazil remains its largest operation and now serves more than 60% of the country’s adult population. The company said it has been credited with changing the Brazilian market and ranked as Brazilians’ top financial institution across every region in Bain & Company’s NPS Prism for the fourth quarter of 2025.

The company said it has broadened its Brazilian product range during Chanes’ tenure. That includes NuCel, its mobile phone service, which it said has more than 1 million customers, new credit products and the expansion of Nu Empresas. Nubank said Nu Empresas reached 6 million customers, making it the institution serving the largest number of businesses in Brazil.

In Mexico, Nubank said its bank authorization will allow it to establish itself as the country’s largest digital bank. The company said Nu Mexico reached break-even in the first quarter of 2026, has 15 million customers and is adding nearly 12,000 customers a day.

In Colombia, Nubank said Nu has reached 5 million customers and is present in all of the country’s departments. The company said Nu Colombia marked five years of operations with more than 11 trillion pesos in deposits and $130 million in planned investments for 2026.

Nubank said it plans to invest R$45 billion, or $8.2 billion, through 2026 to expand monetization and its product offering in Brazil. The company also said Nubank Brazil maintains one of the lowest complaint rates at Brazil’s Central Bank among the country’s largest financial institutions.

This story draws on original reporting from Finextra Research.