Nubank, operated by Nu Holdings (NYSE: NU), has officially requested a national bank charter from the Office of the Comptroller of the Currency (OCC) in the United States while initiating a US digital banking service through Lead Bank. Led by founder and CEO David Vélez, the fintech aims to scale its multi-country financial platform beyond Latin America.
The Bottom Line
- Regulatory Route: Nubank secured preliminary conditional approval for a national bank charter from the OCC in January, while launching initial US services through FDIC-insured partner Lead Bank.
- Executive Leadership: The US board features industry veterans, including former Central Bank of Brazil President Roberto Campos Neto and ex-Acting Comptroller of the Currency Brian Brooks.
- Global Product Rollout: Alongside its US entry, Nubank launched Nu Global, a multi-currency account spanning over 35 countries utilizing USDC and EURC stablecoins.
Navigating US Expansion Through Strategic Partnerships
David Vélez is officially testing whether the digital banking model that captured over 140 million customers across Brazil, Mexico, and Colombia can scale inside the United States. The US operation officially began through Lead Bank, an FDIC-insured institution providing the underlying infrastructure to hold customer deposits while Nubank manages the customer-facing platform.
The initial US offering includes a digital savings account paying a 3.5% annual yield on dollar deposits, accompanied by a debit card and a credit card offering 1.5% cash back without an annual fee. However, this is distinct from the formal national bank charter. The Office of the Comptroller of the Currency granted preliminary conditional approval for Nubank, National Association in January, requiring the institution to secure Federal Reserve membership and FDIC deposit insurance before launching independent banking operations.
Here is the math: Nu Holdings reported record holding-level revenues of 3.7 billion pesos in the second quarter of 2025, representing a 40% year-over-year increase. Vélez has noted that the US business will likely take several years to reach profitability.
Assembled Talent Behind the US Charter
To steer this regulatory and operational transition, Nubank appointed a specialized Board of Administration for its US subsidiary. The board includes Roberto Campos Neto, former president of the Central Bank of Brazil; Youssef Lahrech, former president and COO of Nu; and Brian Brooks, former Acting Comptroller of the Currency and current CEO of Meridian Capital Group.
Additional members include Kelley Morrell, a former US Department of the Treasury executive, and Cristina Junqueira, Chief Operating Officer of Nu Holdings and CEO of the nascent US business.
| Metric / Milestone | Details |
|---|---|
| Initial US Partner | Lead Bank (FDIC-insured) |
| Savings Account Yield | 3.5% annual yield on dollar deposits |
| Credit Card Offer | 1.5% cash back, no annual fee |
| Total Global Customers | Over 140 million (Brazil, Mexico, Colombia) |
| Holding Q2 2025 Revenue | 3.7 billion pesos (40% YoY growth) |
Scaling Global Accounts via Stablecoin Infrastructure
Alongside its domestic US push, Nubank rolled out Nu Global, an international account designed for cross-border transfers across more than 35 countries. Rather than acquiring local banking licenses in every jurisdiction, the platform converts user balances into USDC or EURC—stablecoins pegged to the US dollar and euro, respectively.
Nu Global offers a 3.5% annual yield on dollar-denominated balances and 2.2% on euro balances. Users can also trade select digital assets, including Bitcoin and Ethereum. This infrastructure allows Nubank to test demand in international corridors without committing immediate capital to full-scale foreign banking subsidiaries, complementing its regulated growth in Latin America, where its Mexican subsidiary, Nu México, received authorization to operate as a bank from the National Banking and Securities Commission (CNBV).
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
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