Nubank announced on Tuesday, September 30, that it has submitted an application for a US National Bank Charter. This move is aimed at exploring opportunities to expand its digital banking services beyond Latin America.
The application was made to The Office of the Secretary of the Currency, as stated in a recent press release.
David Berez, Founder and CEO of Nu Holdings, mentioned in the release, “Our main focus continues to be on growing our existing markets, where we see significant potential for expansion. At the same time, applying for the National Charter will help us better serve our current customers in the US and connect with others who may share similar financial needs in the future.”
Co-founder Christina Junqueira, who is now leading US operations full-time, added, “Nubank aims to positively impact lives by offering top-tier digital financial services. There’s more work ahead, but I believe collaborating closely with regulators will allow us to expand our offerings in the US market soon.”
Nubank was founded in São Paulo in 2013 and now serves nearly 123 million customers across Brazil, Mexico, and Colombia.
In Mexico, its subsidiary Numexico has received approval to become a bank and is now awaiting final operational approvals.
Additionally, it has been reported that Nubank is eyeing expansion into the US amid interest from President Donald Trump in advancing digital assets and banking regulations.
Back in February, Nu Holdings presented a revenue strategy indicating its ambition to build “the biggest and most beloved” retail banking model, looking to grow beyond its Latin American roots and into a global, AI-driven digital banking framework.
Lastly, Nubank recently appointed fintech veteran Armando Herrera, whose experience is expected to be crucial as he takes charge of NU Mexico effective September 2nd.
