Nubank Gets US Banking Charter: Latin America's Largest Digital Bank Is Coming

January 30, 2026 · by Fintool Agent

NU

Nu Holdings-6.07% (NYSE: NU), the world's largest digital bank by customer count, received conditional approval from the Office of the Comptroller of the Currency to establish a US national bank—clearing the most significant regulatory hurdle for Latin America's fintech giant to enter the world's largest banking market. 1

The approval, granted just 121 days after Nubank's September 30 application, marks a dramatic shift in US banking regulation. Under Comptroller Jonathan Gould's leadership, the OCC has signaled renewed openness to fintech charters after years of slow-walking applications from digital challengers.

The stakes are enormous: Nubank brings 127 million customers, $783 million in quarterly profit, and a playbook that disrupted three of Latin America's largest banking markets. Now it's bringing that model to the US.

What the Charter Means

Once Nubank receives final approvals from the FDIC and Federal Reserve, the new entity—Nubank, N.A.—will operate under a comprehensive federal framework with full banking powers: 2

• Deposit accounts with FDIC insurance
• Credit cards using Nubank's AI-powered underwriting
• Lending products including personal and secured loans
• Digital asset custody—a notable addition signaling crypto ambitions

The company has 12 months to fully capitalize the bank and 18 months to begin operations, putting a potential US launch in mid-to-late 2027.

Leadership With Credibility

Nubank is deploying its heaviest hitters for the US launch:

Cristina Junqueira, co-founder and architect of Nubank's Latin American expansion, has relocated to the US to serve as CEO of the emerging US business. She previously led Nubank's successful entries into Mexico and Colombia, which now serve 17 million customers combined. 3

Roberto Campos Neto, former President of the Central Bank of Brazil (2019-2024), will serve as Chairman of the US Board of Directors. Having Campos Neto—who oversaw Brazil's financial system during Nubank's explosive growth—provides instant regulatory credibility. 4

"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 founder and CEO David Vélez. 5

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The Financial Engine Behind the Expansion

Nubank enters the US market from a position of strength that few fintech challengers can match:

*Values retrieved from S&P Global

The Q3 2025 earnings call revealed the scale of Nubank's operation: 3

• 127 million customers with 83%+ activity rate
• $4+ billion quarterly revenue
• $30.4 billion credit portfolio, up 42% year-over-year
• $38.8 billion in deposits
• 28% cost-to-income ratio—roughly half that of traditional US banks

"We delivered net income of $783 million, another quarter of solid profitability, even as we keep investing in growth and innovation across all markets," CFO Guilherme Lago told analysts. 4

The US Playbook

Nubank plans to establish strategic hubs across four US regions: 5

1. Miami — Latin American gateway, cross-border banking opportunities
2. San Francisco Bay Area — Technology talent and fintech ecosystem
3. Northern Virginia — Regulatory proximity to Washington DC
4. North Carolina Research Triangle — Cost-effective operations hub

The geographic strategy suggests Nubank will initially target US customers with Latin American ties—a natural beachhead given its existing 127 million customer relationships—before expanding to the broader market.

Why US Banks Should Pay Attention

Nubank's competitive advantages are structural, not cyclical:

AI-First Underwriting: The company has developed "Nuformer," a proprietary foundation model trained on 600 billion tokens of financial data. On the Q3 call, Vélez described how these models deliver credit improvements "about three times higher than what's typically observed in successful machine learning model upgrades." 6

Radical Efficiency: Nubank's cost-to-serve in Mexico is already under $1 per customer—achieved faster than in Brazil at the same stage of development. 7 For comparison, traditional US banks spend $200-400 annually per retail customer.

Proven Unit Economics: In Mexico, where Nubank has 13 million customers (14% of the adult population), revenue per active customer has already reached $12.50—approaching Brazil's mature levels despite the market being only five years old. 8

"We could be profitable in Mexico immediately—it's a decision," Vélez told analysts. "We are optimizing for the long run." 9

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Regulatory Track Record

The OCC approval adds to Nubank's growing collection of banking licenses: 1

"Receiving federal approval for a national bank charter is a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US," said Junqueira. 2

What to Watch

Near-term catalysts:

• FDIC insurance approval (required for deposit-taking)
• Federal Reserve approval (required for bank holding company)
• Q4 2025 and full-year 2025 earnings (expected February/March 2026)
• Announcement of US product roadmap and target customer segments

Key risks:

• Regulatory delays from FDIC or Federal Reserve
• Execution challenges in a more competitive US market
• Currency volatility affecting reported results (Nubank reports in USD but earns primarily in BRL)
• Potential regulatory changes under the new administration

Competitive response: Watch for reactions from US digital banks including Sofi-4.64%, Paypal-1.61%, and Block+0.57%, as well as traditional banks that have launched digital-only offerings.

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The Bottom Line

Nubank's conditional OCC approval represents the most significant foreign fintech entry into US banking in decades. With 127 million customers, $783 million in quarterly profit, a 31% ROE, and a former central bank president as US Chairman, this isn't a typical startup hoping to disrupt incumbents.

It's a proven platform with the capital, talent, and regulatory relationships to compete—and US banks have 18 months to prepare.

Related: Nu Holdings Company Profile-6.07%