Closer to establishing a bank in the USA

Nu receives conditional approval to establish a domestic bank in the US

Nu, one of the world's largest digital financial services platforms, serving 127 million customers, announced that it has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a de novo national bank, Nubank. N.A. The conditional approval is a significant milestone in the company's long-term strategy to expand its operations and product offerings in the United States. Once full approval is obtained, the national bank license will enable Nu to operate under a comprehensive federal regulatory framework, paving the way for the launch of deposit accounts, credit cards, credit products, and custody services for digital assets.

"This approval is not just an extension of our business—it's an opportunity to prove our thesis that a digital, customer-centric model is the future of global financial services. While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build a new generation of banking in the United States," said David Vélez, founder and CEO of Nu Holdings.

Nu's US operations will be led by co-founder Cristina Junqueira, who has relocated to the US to lead the bank's development and long-term growth. Roberto Campos Neto, former president of Brazil's Central Bank, will serve as chairman of the board of directors.

"Obtaining federal approval for a domestic bank license is an important step on our journey to becoming a robust, compliant, and competitive financial institution in the US," said Junqueira, CEO of Nu's growing US business. "We look forward to providing future customers in the US with the transparent and efficient financial experience that more than 127 million customers worldwide already trust."

Nu has now entered the bank's organizational phase, which includes meeting certain OCC conditions and obtaining the required approvals from the FDIC and the Federal Reserve. During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months, in accordance with regulatory requirements. Nu submitted its application to the OCC on September 30, 2025.

The latest approval continues Nu's track record of meeting stringent regulatory standards across multiple jurisdictions. This commitment is evident in the company's international operations: Nu Mexico's subsidiary received approval from the Comisión Nacional Bancaria y de Valores (CNBV) in April 2025 to organize as a banking institution and is awaiting final operating permission. In Brazil, Nu has been operating as a fully regulated financial institution since 2016 and recently announced its intention to obtain a full banking license in 2026. Nubank has been listed on the New York Stock Exchange since 2021 under the ticker symbol NU.

The regulatory process in the US is an integral part of the company's previously announced plan to establish strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.