Brazil’s Nubank Seeks U.S. National Charter, Eyes Deposits and Digital Assets
Application Marks First Formal Step Into U.S. Market
Nubank, Brazil’s largest digital lender, said on Tuesday it has filed for a national bank charter in the United States, its clearest step yet toward expanding beyond Latin America. The São Paulo-based firm said the move is “aligned with the company’s intention to explore future international opportunities by evolving its regional platform into a global model.”
Nubank, founded more than a decade ago, has amassed over 120 million customers across Brazil, Mexico and Colombia. It is among the world’s largegest digital challenger banks and has long hinted at ambitions to scale beyond its home region.
Strategy Balances Core Markets With Global Push
Chief Executive David Vélez said the bank’s main focus remains growing in Latin America. But he added the U.S. application could support services for existing customers living in the U.S. and eventually connect with consumers facing similar financial needs. “In the future, [we could] connect with those who share similar financial needs and could benefit from our products and services,” Vélez said in the statement.
The lender, listed on the New York Stock platform through Nu Holdings (NU.N), said a U.S. charter would eventually allow it to offer deposit accounts, credit cards, lending and digital asset custody. The bank described the filing as an initial step toward efficient scaling in a highly competitive market.
Investor Takeaway
Shares React as Nubank Outpaces Regional Rivals
Shares in Nu Holdings rose more than 1% following the announcement before trimming gains later in the session. The stock touched all-time highs last week, cementing Nubank’s lead over Itaú Unibanco as Latin America’s most valuable lender by market capitalization. The two have traded places at the top in recent years as investors weigh growth prospects between digital-first and traditional banking models.
The bank’s expansion plans come at a time when fintech valuations are rebounding, supported by stronger equity markets and renewed investor appetite for high-growth financial stocks. Analysts note that while Nubank’s scale in Latin America has made it a standout, U.S. entry introduces both growth potential and regulatory complexity.
Leadership in Place for U.S. Business
Nubank confirmed that co-founder Cristina Junqueira will lead the U.S. unit, while former Brazilian central bank president Roberto Campos Neto will chair its board of directors. Both executives bring credibility with regulators and investors as the bank viewks approval and eventual market entry.
“While there’s work ahead, we believe that by working closely with regulators, we will soon be in a position to expand our offering to the broader U.S. market,” Junqueira said.
The timeline for approval is unclear, as U.S. regulators typically subject foreign applicants to lengthy reviews. Still, the application signals Nubank’s intention to compete in one of the world’s most lucrative financial markets while leveraging lessons from its rapid growth in Latin America.
