Nubank Expands into the U.S. with Banking License Application
If approved, the license would allow Nubank to offer deposit accounts, credit cards, loans, and digital asset custody services in the U.S.
Quick overview
- Nubank has applied for a banking license with the OCC to operate as a regulated entity in the U.S., aiming to expand beyond Brazil, Mexico, and Colombia.
- The license, if approved, would allow Nubank to offer various financial services in the U.S., including deposit accounts and credit cards.
- Nubank's CEO, Cristina Junqueira, has relocated to the U.S. to lead the new operation, which will be chaired by Roberto Campos Neto, former president of Brazil’s central bank.
- The company has seen significant growth in Latin America, serving 123 million customers and recently entering the telecommunications sector with the launch of NuCel in Brazil.
Nubank announced that it has applied for a banking license with the Office of the Comptroller of the Currency (OCC), a step that would allow it to operate as a regulated entity in the United States and replicate its business model beyond its three existing markets: Brazil, Mexico, and Colombia.
“Today, our main focus remains driving growth in our current markets, where we continue to see significant opportunities for expansion,” said David Vélez, founder and CEO of Nu Holdings, in a statement.
He added that applying for this license in the U.S. will enable the company to better serve its American customers and, in the future, connect with people who share similar financial needs and could benefit from its products and services.
If approved, the license would allow Nubank to offer deposit accounts, credit cards, loans, and digital asset custody services in the U.S. market.
The board of directors for the U.S. business will be chaired by Roberto Campos Neto, former president of Brazil’s central bank. Co-founder Cristina Junqueira will serve as CEO of the new operation and has relocated full-time to the country.
Other board members include Youssef Lahrech, Brian Brooks, and Kelley Morrell.
Shares of the company closed up 0.38% on a volatile trading day.
Recent Moves by Nubank
The push into the U.S. comes shortly after the Brazilian holding company received authorization in April from Mexico’s National Banking and Securities Commission (CNBV) to become a multiple banking institution. While Nubank has secured its license, it is still awaiting regulatory approval to begin full operations in the country.
If the process is completed, Nu would become the first Brazilian entity authorized in Mexico—something Brazilian banks Bradesco and Itaú attempted in the past without success.
For now, “la moradita,” as Nubank’s card is popularly known, has been able to compete with Mexico’s traditional banks in customer acquisition and lending. According to Mexico’s National Survey of Financial Inclusion, Nubank played a key role in driving a nearly 50% increase in the population holding a credit card between 2021 and 2024.
In 2024, the company also entered the telecommunications industry with the launch of NuCel in Brazil, a mobile service aimed at “transforming the customer experience and broadening the company’s portfolio beyond financial services.”
Presence in Latin America
Nubank currently serves around 123 million customers across its three markets, after adding 4.1 million net new users in the second quarter of 2025—representing 17% year-over-year growth.
According to company data, Brazil accounts for over 107 million clients (60% of the adult population), Mexico 12 million (13%), and Colombia 4 million (nearly 10%).
Its product portfolio includes savings accounts, personal loans, SME solutions, insurance, marketplace services, mobile plans, among others.
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