By Brazil Stock Guide – Nubank (NYSE: NU), one of the world’s largest digital financial services platforms with more than 127 million customers, has received conditional approval from the Office of the Comptroller of the Currency to establish a new federally chartered national bank in the United States. The decision represents a major milestone in Nubank’s long-term strategy to expand its operational footprint and product offering beyond Latin America’s core markets.
Once fully approved, the national banking license will allow Nubank to operate under a unified federal regulatory framework, enabling it to offer deposit accounts, credit cards, lending products and digital asset custody services in the U.S. market. The approval moves Nubank into a select group of technology-driven firms attempting to crack the highly regulated and capital-intensive U.S. banking system.
“This is not merely an expansion of operations, but a chance to prove our thesis that a digital-first, customer-centric model represents the future of global financial services,” founder and chief executive David Vélez said in a statement. He stressed that the company remains focused on its core markets of Brazil, Mexico and Colombia, while viewing the U.S. as a long-term platform for innovation.
The U.S. organization will be led by co-founder Cristina Junqueira, who has relocated to the country to oversee the bank’s development and growth. Former Brazilian central bank president Roberto Campos Neto is set to serve as chairman of the board, adding regulatory gravitas to Nubank’s U.S. ambitions.
The approval launches Nubank into the OCC’s so-called organization phase, during which the company must meet a series of regulatory conditions and secure additional clearances from the Federal Deposit Insurance Corporation and the Federal Reserve. Regulators require the bank to be capitalized within 12 months and to commence operations within 18 months. Nubank filed its application with the OCC in September 2025.
Nubank’s U.S. push builds on a track record of operating under strict regulatory regimes. In Mexico, its local subsidiary received authorization in April 2025 to organize as a bank and is awaiting final approval to begin operations. In Brazil, Nubank has operated as a fully regulated financial institution since 2016 and has announced plans to seek a full banking license in 2026. The company has been listed on the New York Stock Exchange since 2021.
The regulatory move is part of a broader plan to establish strategic hubs in Miami, the San Francisco Bay Area, northern Virginia and North Carolina’s Research Triangle, underscoring Nubank’s intent to blend technology, talent and regulation at scale.
Founded in 2013 and headquartered in São Paulo, Nubank has become one of the fastest-growing and most profitable digital financial firms globally. In the third quarter of 2025, the group reported record revenue of $4.2 billion, up 39% year on year, with customer activity rates exceeding 83%. Now, with conditional U.S. approval in hand, Nubank is testing whether its Latin American playbook can travel intact to the world’s most competitive banking market.
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