Nubank Seeks U.S. National Bank Charter

São Paulo, Sept. 30 – Brazilian digital bank Nubank has announced that it has applied for a National Bank Charter to operate in the United States, marking a significant step toward expanding beyond Latin America.

The company stated that this move aligns with its goal to explore international prospects, transitioning its regional platforms into a more global model.

Since starting operations in São Paulo over a decade ago, Nubank has attracted around 120 million customers across Brazil, Mexico, and Colombia, positioning itself among the largest digital challenger banks globally.

CEO David Velez emphasized that while maintaining growth in existing markets is crucial, this application will also support Nubank’s current U.S. customers and help connect with others who might benefit from its offerings in the future.

Nubank is listed in the U.S. through Nu Holdings, and the charter aims to facilitate expansion in the U.S. market, providing services like deposit account custody, credit cards, lending, and digital assets.

The announcement led to a brief increase of over 1% in Nu Holdings shares, which had just reached an all-time high the previous week. Digital banks are once again gaining traction in Latin America, competing closely with traditional banks like Itaú Unibanco.

Co-founder Cristina Junqueira will lead the business in the U.S., while former Brazilian central bank president Roberto Campos Neto will chair the board. Junqueira acknowledged the challenges ahead but expressed confidence in working with regulators to effectively enter the U.S. market.

Nubank executives have hinted at plans for further expansion into new markets, suggesting more announcements could be on the horizon.