Nubank, a Brazil-based online bank, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national bank in the United States known as Nubank, N.A.
The conditional approval is a milestone in the company’s long-term strategy to expand its operational footprint in the United States. Once fully approved, the national bank charter will allow Nu to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, lending and digital asset custody.
“This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally. While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build the next generation of banking in the United States,” David Vélez, founder and CEO of Nu Holdings, said.
The US organization will be led by Nu’s co-founder Cristina Junqueira. Roberto Campos Neto, former president of the Central Bank of Brazil, will serve as chairman of the board of directors.
“Receiving federal approval for a national bank charter is a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US,” Junqueira, CEO of the emerging US business, said. “We look forward to delivering the transparent, efficient financial experiences already trusted by more than 127 million customers around the world to our future customers in the US.”
Nu has now entered the bank organization phase, which involves satisfying specific OCC conditions and getting the necessary approvals from the FDIC and the Federal Reserve.
In Brazil, Nu has operated as a fully regulated financial institution since 2016 and recently announced its intention to obtain a full banking license in 2026. Nubank has been publicly traded on the New York Stock Exchange since 2021 under the ticker symbol NU. It also operates in Columbia and Mexico.
Nu is one of the largest digital financial services platforms in the world, serving more than 127 million customers across Brazil, Mexico, and Colombia.