Nubank, the Brazilian fintech, has taken a significant step forward in its U.S. expansion by securing conditional approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter. This milestone enables Nubank to establish Nubank, N.A., a federally chartered bank that can operate across all fifty states under a single regulatory framework.
The approval allows Nubank to provide a comprehensive range of banking services, including deposit accounts, lending, credit cards, and notably, crypto custody. The emphasis on digital assets is evident, as promotional materials prominently feature Bitcoin and Ethereum, signaling Nubank”s commitment to integrating cryptocurrency services within its offerings.
This federal charter is particularly noteworthy as it is a rare achievement for a non-U.S. fintech company. It places Nubank in a competitive position alongside established American financial institutions, enabling it to leverage its mobile-first, low-cost banking model nationwide.
To bolster its leadership in the U.S. market, Nubank is enhancing its executive team. Co-founder Cristina Junqueira has relocated to the United States and will assume the role of Chief Executive Officer of the new national bank. Additionally, former president of the Brazilian central bank, Roberto Campos Neto, is set to take on the position of Chairman of the Board, adding significant regulatory expertise and credibility as Nubank engages with U.S. financial regulators.
This strategic move positions Nubank as a formidable new player in the U.S. banking sector, offering a unique blend of traditional banking services and innovative digital solutions, specifically in the realm of cryptocurrencies, all under a unified federal charter.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
