Nubank Targets U.S. Market for Expansion
Nubank, a prominent Brazilian neobank, has its eyes on the U.S. digital banking sector. The neobank announced on Tuesday that it has applied for a U.S. national bank charter from the Office of the Comptroller of the Currency (OCC), a strategic move to probe future international opportunities by evolving its regional platform into a global model. The announcement was officially relayed in a company press release, underlining Nubank’s strategic vision for global expansion.
Nubank’s Growth and Expansion
Preceding its U.S. venture, Nubank has successfully extended its operations to Mexico and Colombia, as revealed in a recent earnings report. Remarkably, as of August 2025, Nubank has accumulated a customer base of 122.7 million across these three countries. Despite its international expansion, Nubank’s core focus remains on bolstering growth in its existing markets, which continue to offer significant opportunities for expansion, says Nubank CEO David Vélez.
A U.S. national bank charter would empower Nubank to scale its operations in the U.S. market. This could potentially enable the bank to offer an array of financial products and services such as deposit accounts, credit cards, loans, and digital asset custody, as outlined by the company.
Acknowledgements and Innovations
Earlier this year, Nubank was honored as an Innovation of the Year 2025 by American Banker for its innovative approach to providing banking access to Latin American teenagers through its Under-18 accounts.
The neobank’s in-app “Cripto” wallet, which is popular among millennial and Gen Z investors, has an impressive 6.6 million users. Nubank launched its native cryptocurrency in 2022, only to suspend it two years later following a 97% price drop.
Management Restructuring and Expansion
Earlier this year, Nubank simplified its management structure by cutting layers in half. CEO Vélez stated that the neobank planned to recruit new C-level executives in the coming months to assist with its international expansion efforts.
Nubank co-founder, Cristina Junqueira, is heading up the bank’s emerging U.S. business, which will operate as a wholly-owned subsidiary of Nu Holdings, the parent company. Junqueira has relocated full-time to the United States to fulfill this role.
“Nubank’s mission continues to be to make a positive impact on people’s lives by offering top-tier digital financial services,” said Junqueira. “Though there’s work ahead, we believe that by working closely with regulators, we will soon be in a position to expand our offering to the broader U.S. market.”
Since December 2021, Nubank has been listed on Nasdaq, further cementing its status as a leading global neobank.
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