Nubank, the prominent Latin American digital banking firm, has recently obtained conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States. This approval is a significant milestone for the company, as it allows Nubank to offer a range of services, including deposit accounts, credit cards, lending solutions, and notably, crypto custody services.
The approval underscores Nubank”s ambition to expand its footprint beyond Latin America, where it currently serves 127 million customers. The OCC”s decision came just four months after Nubank submitted its application on September 30, 2025, indicating a swift recognition of the bank”s operational capabilities and compliance standards.
Upon meeting the necessary conditions, the proposed Nubank N.A. will operate within a robust federal framework, enabling it to blend traditional banking with innovative digital asset services. This development reflects the increasing acceptance of digital assets within regulated financial environments.
David Vélez, the founder and CEO of Nu Holdings, articulated the broader implications of this expansion, stating, “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.” He emphasized that while the company grows in the US, it will maintain its focus on core markets such as Brazil, Mexico, and Colombia.
Nubank must adhere to specific OCC conditions during its organizational phase and obtain approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can fully commence operations. Regulators have set clear deadlines, including a requirement for full capitalization within 12 months and an operational launch within 18 months.
Leading the US operations will be Cristina Junqueira, co-founder of Nubank, who will bring her expertise to the American market. Her leadership, alongside Roberto Campos Neto, former President of the Central Bank of Brazil and chair of the Board of Directors, signals a strong commitment to establishing a sustainable presence in the United States.
Junqueira highlighted the importance of regulatory compliance in Nubank”s American ambitions, stating, “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.” She expressed confidence in delivering transparent and efficient financial experiences to American customers, similar to the services that have garnered trust from millions worldwide.
The company plans to set up strategic hubs in key locations, including Miami, the San Francisco Bay Area, Northern Virginia, and North Carolina”s Research Triangle. This multi-city strategy will allow Nubank to tap into diverse talent pools and customer demographics, showcasing a thoughtful approach to expansion rather than a concentrated market focus.
Nubank”s regulatory history demonstrates its adaptability to various jurisdictions, having operated as a fully regulated institution in Brazil since 2016. Its Mexican operation received authorization to organize as a banking entity in April 2025, while plans are in place for a full banking license in Brazil by 2026. Additionally, Nubank has been publicly listed on the New York Stock Exchange since 2021 under the ticker symbol NU.
