Brazilian digital banking giant Nubank is setting its sights on the US after securing conditional approval from the Office of the Comptroller of the Currency for the formation of a de novo national bank.
Editorial
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Nubank, which already claims 127 million customers across Brazil, Mexico and Colombia, is now poised to make a serious push in the US under co-founder Cristina Junqueira, who has re-located north.
Once fully approved, the national bank charter will allow Nu to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, lending and digital asset custody.
The firm is already working to establish strategic US hubs in Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.
It has now entered the bank organisation phase, which involves satisfying specific OCC conditions alongside pending required approvals from the FDIC and the Federal Reserve. During this phase, the company will focus on fully capitalising the institution within 12 months and opening the bank within 18 months, as required by regulators.
“Receiving federal approval for a national bank charter is a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US,” says Junqueira, CEO of the emerging US business.
Adds co-founder and CEO David Vélez: “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.”
