Nubank Wins Conditional U.S. Approval to Launch National Bank

Brazilian fintech giant Nubank has received conditional approval from U.S. regulators to establish a national bank, setting the stage for its long-anticipated entry into the American financial services market.

Key Takeaways

• Nubank has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to launch a national bank under the name Nubank, N.A.
• The move marks a major milestone in Nubank’s global expansion strategy and will allow the company to offer deposit accounts, credit cards, lending and digital asset custody in the U.S.
• Co-founder Cristina Junqueira will lead the U.S. arm, while former Central Bank of Brazil President Roberto Campos Neto will chair the board.
• The fintech plans to fully capitalize the new institution within 12 months and open for business within 18 months, pending additional approvals from the FDIC and the Federal Reserve.

What Happened?

Nubank, one of the world’s largest digital financial services platforms with over 127 million customers, announced it had received conditional approval from the OCC to form a national bank in the United States. The new entity, Nubank, N.A., will be a key part of the company’s plan to expand beyond Latin America and enter the U.S. market with regulated financial products.

The approval signals growing regulatory openness in the U.S. to new digital-first banking models.

Nubank’s U.S. Expansion Strategy

Nubank’s entry into the U.S. market is a bold play in a highly competitive and fragmented financial environment. Once it receives full approval from federal regulators, the company will be allowed to operate under a comprehensive federal charter, offering services such as:

• Deposit accounts
• Lending and credit card products
• Digital asset custody

This approval also enables Nubank to scale operations under a single national framework, avoiding the need to navigate separate state-level banking regulations.

Leadership and Structure

• Cristina Junqueira, Nubank co-founder, has relocated to the United States and will lead the American business as CEO.
• Roberto Campos Neto, former head of Brazil’s central bank, will serve as Chairman of the Board.
• The company is preparing to set up strategic hubs across several U.S. regions including Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.

A Regulatory Signal to Innovators

According to Michele Alt, co-founder of Klaros Group, which advised Nubank, the OCC’s decision came just 121 days after the application was submitted on September 30, 2025. That swift response is being seen as a signal to other fintech innovators that U.S. regulators are becoming more supportive of digital banking models.

Comptroller Jonathan Gould echoed this view, stating that the rise in charter applications is a sign of “healthy competition” and “a commitment to innovation.“

Building on Global Momentum

Nubank has already proven its model across Latin America:

• In Brazil, the company operates as a fully regulated financial institution and is seeking a full banking license in 2026.
• In Mexico, Nubank received authorization to form a banking institution in 2025 and is awaiting final operational clearance.
• Since going public in 2021 on the New York Stock Exchange under the ticker NU, the company has significantly scaled both its customer base and revenue.

In Q3 2025, Nubank reported a record $4.2 billion in revenue, representing a 39 percent year-over-year increase.

Digital Assets: A Key Feature of U.S. Launch

Nubank’s U.S. offering is expected to include digital asset custody, reflecting the company’s growing crypto ambitions. Since entering the crypto space in 2022 with support from Paxos, Nubank has:

• Allowed users to buy, sell, and hold crypto directly in its app.
• Added 20 tokens including Cardano, Near, Cosmos, and Algorand to its platform.
• Announced a pilot for dollar-pegged stablecoin payments linked to credit cards.

This crypto integration is expected to differentiate Nubank in the crowded U.S. market.

CoinLaw’s Takeaway

Honestly, this is a power move by Nubank. In my experience watching how legacy institutions respond to digital challengers, this level of regulatory traction in the U.S. is rare and impressive. It shows just how seriously U.S. regulators are starting to take fintech banks as legitimate competitors. I found the OCC’s 121-day turnaround especially notable, and I think this could open the floodgates for more international players. If Nubank sticks to its customer-first, tech-driven model, it could shake up the traditional U.S. banking system in a big way. The fact that they’re bringing crypto services into the mix only sweetens the deal.

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