TL;DR
- Nubank received conditional approval from the OCC to create Nubank, N.A., a U.S. national bank that will operate under a federal regulatory framework.
- The bank will offer deposit accounts, cards, lending products, and digital asset custody, and will operate across all 50 states.
- The entity has 12 months to complete capitalization and 18 months to begin operations.
Nubank secured conditional approval from the Office of the Comptroller of the Currency to establish a U.S. national bank under the entity Nubank, N.A. The authorization allows the Brazilian fintech, controlled by Nu Holdings, to operate under a single federal regulatory framework instead of managing state-by-state licenses.
The new national bank will be able to offer deposit accounts, credit cards, lending products, and digital asset custody services. This structure enables nationwide operations across all 50 states, subject to compliance with federal regulatory conditions.
With this approval, Nubank enters the “bank organization phase.” During this period, the entity must complete the bank’s capitalization within the next 12 months and launch operations within a maximum of 18 months. The effective start of activities also requires additional approvals from the Federal Deposit Insurance Corporation and the Federal Reserve.
The U.S. bank will be led by Nubank co-founder Cristina Junqueira, who relocated to the country to serve as CEO of the new entity. The board will be chaired by Roberto Campos Neto, former president of the Central Bank of Brazil, who will take on the role of Chairman of the Board of Directors.
Nubank to Seek a Banking License in Brazil This Year
The application to establish the national bank was submitted to the OCC on September 30, 2025. Nubank has been publicly listed on the New York Stock Exchange since 2021 under the ticker NU and operates as a digital financial services platform in Brazil, Mexico, and Colombia. The company reports more than 127 million customers across those markets.
In Mexico, Nu received authorization in April 2025 to organize as a banking institution and is awaiting final approval. In Brazil, the company has operated as a regulated financial institution since 2016 and announced plans to obtain a full banking license in 2026.
In the third quarter of 2025, Nu reported record revenue of $4.2 billion, posting 39% year-over-year growth. The U.S. expansion is part of a plan to establish strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia, and North Carolina’s Research Triangle
