Nu Obtains Conditional Approval for New National Bank in the U.S.
Nu, a prominent player in the digital financial services sector, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to set up a new national bank in the United States. This news was shared on January 29 through a press release.
The new entity, named NewBank (NA), represents a significant step in the company’s long-term strategy to extend its reach beyond its primary markets in Latin America.
With a National Bank Charter, Nu will be able to operate within a federal framework. This is expected to simplify the launch of products such as savings accounts, credit cards, and loans in the U.S. While pursuing this expansion, the company will also continue to prioritize its key markets in Brazil, Mexico, and Colombia. According to the founder and CEO, this move presents an opportunity to demonstrate the global potential of a digital-first, customer-oriented banking model.
The U.S. operations are led by co-founders Cristina Junqueira and Roberto Campos Neto, the latter being the former president of Brazil’s central bank who will serve as chairman of the board. Junqueira noted that obtaining this federal approval is an “important step” for establishing a regulated and competitive presence in the American financial landscape.
Nu has now entered a phase of banking organization. Here, the company must comply with specific OCC conditions and obtain pending approvals from both the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. Regulatory requirements dictate that companies fully capitalize their financial institutions within a year and initiate banking operations within 18 months. The initial application was submitted to the OCC on September 30.
This development occurs after a notable period of growth and expansion for the São Paulo-based company, which was founded in 2013. Nu currently boasts over 127 million customers and reported an impressive revenue of $4.2 billion for Q3 2025, reflecting a 39% year-over-year increase. Having been listed on the New York Stock Exchange since 2021, the company has also gained approval for its New Mexico subsidiary to establish itself as a banking institution and has appointed fintech veteran Armando Herrera as CEO.
Alongside the charter approval, New Corporation intends to set up strategic hubs in the U.S. These locations will include Miami, the San Francisco Bay Area, Northern Virginia, and the Research Triangle in North Carolina. The application process was supported by advisors from Klaros Group and legal counsel from Davis Polk & Wardwell LLP.
