Nu Wins Conditional Approval for US National Bank Charter

Digital financial services giant Nu received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the United States, according to a Thursday (Jan. 29) press release.

The new entity, to be known as Nubank, N.A., represents a significant milestone in the company’s long-term strategy to expand its operational footprint beyond its core Latin American markets.

The national bank charter will eventually allow Nu to operate under a federal framework, facilitating the launch of deposit accounts, credit cards, lending and digital asset custody in the U.S. While the company remains focused on its primary markets in Brazil, Mexico and Colombia, according to founder and CEO David Vélez, this step provides an opportunity to prove the global viability of a digital-first, customer-centric banking model.

The U.S. operation will be led by co-founder Cristina Junqueira, who has relocated to the U.S. to oversee the bank’s development. Roberto Campos Neto, the former president of the Central Bank of Brazil, is slated to serve as chairman of the board of directors. Junqueira noted that the federal approval is a “significant step” toward becoming a regulated, competitive institution in the American market.

Nu has now entered the bank organization phase, which requires the company to satisfy specific OCC conditions and secure pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. Regulatory requirements dictate that the company must fully capitalize the institution within 12 months and open the bank within 18 months. The initial application was submitted to the OCC on Sept. 30.

The move follows a period of rapid growth and international expansion for the São Paulo-headquartered firm, which was founded in 2013. Nu currently serves over 127 million customers and reported record revenue of $4.2 billion in the third quarter of 2025, a 39% increase year-over-year. The company, which has been traded on the New York Stock Exchange since 2021, recently received authorization for its subsidiary, Nu Mexico, to organize as a banking institution, and appointed FinTech veteran Armando Herrera as its CEO.

In tandem with the charter approval, Nu plans to establish strategic U.S. hubs in Miami, the San Francisco Bay Area, Northern Virginia, and North Carolina’s Research Triangle. The company worked with advisors at Klaros Group and counsel from Davis Polk & Wardwell LLP on its application.

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