Brazil’s Nubank Receives Conditional Approval to Launch US National Bank

TLDR

• Brazil’s Nubank secures conditional approval to launch a national bank in the US.
• Nubank’s new US bank will focus on digital-first banking and customer-centric services.
• The approval allows Nubank to offer deposit accounts, lending, and digital asset services.
• The bank will establish US hubs in Miami, Northern Virginia, and other major areas.

Brazil’s largest digital bank, Nubank, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States. This milestone marks a significant step for Nubank as it aims to expand its digital-first, customer-focused banking model into the competitive US market.

Nu Holdings won preliminary approval to perform some banking activities in the US, a first step by the Latin American fintech to move into the world’s largest economy https://t.co/5FTZ1q6vK0

— Bloomberg (@business) January 29, 2026

With this conditional approval, Nubank can now begin the organizational phase required to establish Nubank, N.A. However, the bank cannot start operations until it meets several conditions set by the OCC, including securing approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. The OCC also mandates that Nubank fully capitalizes within the next 12 months and opens the bank within 18 months.

Nubank’s Strategic US Expansion Plans

The approval from the OCC is an important move in Nubank’s strategy to grow its presence in the US. In a statement, Nubank’s CEO, David Vélez, emphasized that while the company remains focused on its core markets in Brazil, Mexico, and Colombia, this step will allow the company to expand its services to the US. Nubank aims to build a banking platform that aligns with its digital-first approach and prioritizes transparency, efficiency, and customer experience.

“We look forward to delivering the transparent, efficient financial experiences already trusted by more than 127 million customers around the world to our future customers in the US,” said Cristina Junqueira, co-founder of Nubank, who will head the bank’s US operations.

Nubank’s US Hubs and Key Personnel

Nubank is targeting major US cities for the establishment of its banking hubs, including Miami, Northern Virginia, the San Francisco Bay Area, and North Carolina’s Research Triangle. These areas are strategic choices given their growing tech industries and diverse population bases, which align with Nubank’s focus on digital banking and innovation.

Roberto Campos Neto, the former president of the Central Bank of Brazil, will serve as the Chairman of the Board of Directors of Nubank’s US operations. This leadership team, combined with the digital-first banking model, positions Nubank to bring a fresh approach to banking services in the US.

Regulatory and Capitalization Requirements

Nubank’s approval from the OCC is conditional, meaning the bank must meet certain regulatory requirements before it can open its doors to US customers. One such requirement is securing full capitalization within 12 months.

This ensures that Nubank has the necessary financial resources to operate effectively and protect customer deposits. Additionally, the bank will need to fulfill all other regulatory conditions before it can offer deposit accounts, lending, and digital asset custody services.

Nubank’s digital-first approach, which has made it a leader in Brazil and other Latin American markets, will be a key factor in its expansion to the US. By offering services such as a streamlined mobile app, customer-centric features, and lower fees, Nubank aims to challenge traditional banking models and appeal to a growing segment of US customers seeking alternative banking options.

The Road Ahead for Nubank in the US

As Nubank moves forward with its expansion plans in the US, the company is poised to bring its innovative digital banking model to a market that is increasingly looking for simpler, more transparent financial services. With strong backing from investors like Warren Buffett’s Berkshire Hathaway, Nubank is prepared for its next phase of growth and development.

The company’s leadership in both Brazil and its global expansion efforts reflect a commitment to revolutionizing banking on a broader scale. As the regulatory and organizational hurdles are cleared, Nubank will be in a strong position to compete in the US banking landscape