Brazil's Digital Banking Giant Nubank Clears Key Hurdle for U.S. Expansion with Conditional National Charter

In a significant move that could reshape the U.S. retail banking landscape, Brazilian fintech powerhouse Nubank has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national bank in the United States. The charter, once finalized, would allow the company to operate under a federal framework and offer American customers a full suite of services including deposit accounts, credit cards, and lending.

The approval marks a pivotal moment in Nubank's ambitious global strategy, transitioning it into a critical "bank organization" phase. To move forward, the company must now meet specific OCC conditions and secure additional sign-offs from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. Regulatory deadlines are tight: Nubank has 12 months to fully capitalize the new institution and 18 months to open its virtual doors to U.S. customers.

"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," said David Vélez, founder and CEO of Nu Holdings, Nubank's parent company. "While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build the next generation of banking in the United States."

The U.S. push is being led personally by co-founder Cristina Junqueira, who has relocated to oversee the venture. The board will be chaired by Roberto Campos Neto, former president of Brazil's Central Bank, lending considerable regulatory expertise to the expansion.

Analysis & Background: Nubank's foray into the U.S. follows a proven playbook of securing banking licenses to deepen its product offerings, a strategy already deployed in Latin America. The company, which serves over 127 million customers across Brazil, Mexico, and Colombia, reported robust revenue of $4.2 billion in Q3 2025. A U.S. national charter would provide a stable foundation to compete with both traditional banks and neobanks, leveraging its experience in scaling low-cost, technology-driven financial services. The move aligns with plans to establish strategic hubs in tech and finance corridors like Miami and the San Francisco Bay Area.

Reactions from the Industry:

Michael Torres, Fintech Analyst at Sterling Insights: "This is a logical, albeit aggressive, next step for Nubank. They've mastered unit economics in emerging markets. The real test will be acquiring customers in a saturated U.S. market where switching costs are high and trust is built over decades."

Lisa Chen, Small Business Owner in Austin, TX: "I'm excited. As a customer of theirs in Brazil, I found their app incredibly intuitive and their fees transparent. The big banks here could use some real competition on service and simplicity."

Richard "Rick" Dalton, Former Regional Bank Executive: "This is a regulatory misstep. The OCC is letting a foreign entity, whose primary market is known for volatility, build a bank here after what seems like a rushed process. What about systemic risk? What about protecting American depositors? This reeks of chasing innovation at the expense of prudence."

Priya Sharma, Compliance Specialist at a Consulting Firm: "The 18-month timeline to launch is ambitious given the remaining regulatory hurdles with the FDIC and Fed. Their success hinges on navigating a completely different regulatory culture than in Latin America."

The company's application was filed with the OCC in September 2025. Parallel processes are underway elsewhere, with its Mexico subsidiary awaiting final operational clearance and plans for a full banking license in Brazil by 2026.