Nubank Secures Conditional Approval For US Bank Charter

Nu has received conditional approval from the Office of the Comptroller of the Currency of the US for the formation of a de novo national bank.

The new entity is called Nubank, N.A. and marks a milestone in the company's long-term strategy to expand its operational footprint in the US.

Once fully approved the national bank charter will allow Nu to operate under a comprehensive federal framework.

This will facilitate the launch of deposit accounts credit cards lending and digital asset custody.

Nubank recently launched its first global brand campaign to coincide with its entry into the Formula 1 racing world as an official team partner.

David Vélez, Founder and CEO of Nu Holdings, says: “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 US."

Nu has now entered the bank organisation phase which involves satisfying specific conditions alongside required approvals from the FDIC and the Federal Reserve.

During this phase the company will focus on fully capitalising the institution within 12 months. Regulators require the bank to open within 18 months.

The US organisation will be led by Co-Founder Cristina Junqueira who has relocated to the US to spearhead development.

Roberto Campos Neto former President of the Central Bank of Brazil will serve as Chairman of the Board of Directors.

Cristina Junqueira CEO of the emerging US business notes: "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. 

“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.”

Regulatory milestones and strategic hubs

Nu submitted its application to the regulator on 30 September 2025.

The US regulatory process is integral to the plan to establish strategic hubs in Miami the San Francisco Bay Area Northern Virginia and the North Carolina Research Triangle.

This latest approval builds on a history of adhering to rigorous regulatory standards across multiple jurisdictions.

The subsidiary Nu Mexico received authorisation to organise as a banking institution in April 2025 and awaits final operational approval.

In Brazil the company has operated as a fully regulated financial institution since 2016 and intends to obtain a full banking license in 2026.

Financial performance and market position

Founded in 2013 and headquartered in São Paulo, the platform serves over 127 million customers across Brazil, Mexico and Colombia.

In its home market it has solidified its position as the largest private financial institution by customer base.

The company maintains an activity rate exceeding 83% and presented record revenue of US$4.2bn in Q3 of 2025.

This represents 39% growth year-over-year at a holding level.

The company has been publicly traded on the New York Stock Exchange since 2021 under the ticker symbol NU.