Nubank Takes Step Towards US National Bank Status

Brazilian neobank Nubank has received conditional approval from the Office of the Comptroller of the Currency (OCC) to form a de novo national bank in the US, marking a significant step in its long-term international expansion plans.

The approval clears the way for the creation of Nubank, N.A., which, once fully authorised, would allow the digital financial services platform to operate under a federal banking framework.

This would enable Nu to roll out a broader suite of products in the US, including deposit accounts, credit cards, lending services. Alongside traditional banking products, Nu also plans to provide digital asset custody services.

The move represents a strategic milestone for the group as it looks to deepen its operational footprint beyond Latin America and compete more directly in the highly regulated US financial services market.

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.”

Nu’s US operation will be led by co-founder Cristina Junqueira, who has relocated to the country to oversee the bank’s development and long-term growth strategy. Roberto Campos Neto, the former president of the Central Bank of Brazil, has been appointed chairman of the board of directors.

Following the OCC’s decision, Nu has entered the bank organisation phase, during which it must meet a series of regulatory conditions. These include securing additional approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

As part of the process, Nu is required to fully capitalise the institution within 12 months and open the bank within 18 months, in line with regulatory expectations.