Brazilian Fintech Nu Gains Conditional Approval for US National Bank Charter
In a significant move towards expanding its operations in the United States, Brazilian FinTech firm Nu has received conditional approval to establish a US national bank, known as Nubank, N.A. This critical milestone forms part of the company’s strategic plan to broaden its service offerings and customer base in the US. The approval allows Nu to operate under a federal banking framework, thereby enabling it to introduce a range of financial services, such as deposit accounts, credit cards, lending, and digital asset custody, to US customers.
Approval by the Office of the Comptroller of the Currency
The conditional approval for Nu to establish its national bank was granted by the Office of the Comptroller of the Currency (OCC). This significant development propels Nu into the bank organization phase. During this stage, the company is expected to comply with OCC conditions and secure additional approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Under regulatory timelines, Nu is required to fully capitalize the new institution within 12 months and open the bank within 18 months. The company had filed its application with the OCC in September 2025.
Management and Expansion Plans
Nu’s co-founder Cristina Junqueira will spearhead the US operation. Junqueira has relocated to the US to oversee the bank’s development and its long-term strategy. Former President of the Central Bank of Brazil, Roberto Campos Neto, will hold the position of the Chair of the Board of Directors.
The US license process aligns with Nu’s previously announced plans to build strategic hubs in key US locations, including Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.
Nu’s Growth and Market Presence
Founded in 2013 with its headquarters in São Paulo, Nu caters to over 127 million customers across Brazil, Mexico, and Colombia. The company’s move in the US follows similar regulatory advancements in other Latin American countries. Nu’s subsidiary, Nu Mexico, received authorization from the Comisión Nacional Bancaria y de Valores (CNBV) in April 2025 to organize as a banking institution. The subsidiary is now awaiting final clearance to commence operations.
In its home country, Brazil, Nu has been operating as a fully regulated financial institution since 2016 and has plans to obtain a full banking license in 2026. At the holding company level, Nu reported revenue of $4.2bn in the third quarter of 2025, marking a 39% year-on-year growth.
Looking Forward
David Vélez, founder and CEO of Nu Holdings, expressed his optimism about the approval, stating that it was not just an operational expansion, but an opportunity to prove their thesis that a digital-first, customer-centric model is the future of financial services globally. He further added that while the company remains fully focused on its core markets in Brazil, Mexico, and Colombia, this step enables them to build the next generation of banking in the United States.
As Nu moves forward with its expansion plans, it will continue to focus on providing innovative financial solutions that meet the needs of its growing customer base, thereby solidifying its position in the global Fintech space.
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