Brazil’s Nu has obtained conditional approval to establish a US national bank, Nubank, N.A., marking a key step in its plan to expand operations and product offerings in the country.
Once fully authorised, the national bank charter will permit Nu to operate under a federal banking framework and introduce services such as deposit accounts, credit cards, lending and digital asset custody to US customers.
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The conditional approval was granted by the Office of the Comptroller of the Currency (OCC), moving Nu into the bank organisation phase.
During this stage, the company must comply with OCC conditions and secure additional approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Regulatory timelines require Nu to fully capitalise the new institution within 12 months and open the bank within 18 months.
The company filed its application with the OCC in September 2025.
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By GlobalDataNu’s co-founder Cristina Junqueira will lead the US operation and has relocated to the country to oversee the bank’s development and long-term strategy.
Former Central Bank of Brazil president Roberto Campos Neto will chair the Board of Directors.
The US licence process supports Nu’s previously announced plan to build strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia and the North Carolina Research Triangle.
Founded in 2013 and headquartered in São Paulo, Nu serves more than 127 million customers across Brazil, Mexico and Colombia.
The move in the US follows similar regulatory steps elsewhere in Latin America. In Mexico, subsidiary Nu Mexico received authorisation in April 2025 from the Comisión Nacional Bancaria y de Valores (CNBV) to organise as a banking institution and is awaiting final clearance to begin operations.
In Brazil, Nu has operated as a fully regulated financial institution since 2016 and has outlined plans to obtain a full banking licence in 2026.
At the holding-company level, it reported revenue of $4.2bn in the third quarter of 2025, representing 39% year-on-year growth.
David Vélez, founder and CEO of Nu Holdings, said: “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.”
