By Brazil Stock Guide – Nubank (NYSE: NU), Latin America’s largest independent digital bank with nearly 123 million customers, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national banking license. The move marks a decisive step in the fintech’s long-term strategy to evolve from a regional leader into a global player, entering one of the world’s most competitive financial markets.
Founded in 2013 in São Paulo, Nubank has become the primary financial institution for millions of Brazilians and expanded into Mexico and Colombia. In 2024, it posted record revenue of $3.7 billion, up 40% year-on-year. Now, the company aims to replicate that trajectory in the U.S., where it could eventually offer deposits, credit cards, loans, and digital asset custody.
“Our main focus remains growing in our current markets, but applying for a U.S. license prepares us to better serve existing customers and, over time, reach new ones,” said David Vélez, Nubank’s founder and CEO.
The U.S. expansion is viewed as a critical test for Nubank’s model, which blends a cloud-native platform, low-cost service, and high customer engagement. The application comes months after its Mexican subsidiary won approval to become a bank, underscoring its ambition to scale across multiple countries. The move also challenges local neobanks and global incumbents competing with lower-cost and more personalized financial services.
Heavyweight governance
The new U.S. subsidiary’s board will be chaired by Roberto Campos Neto, former president of Brazil’s central bank. Other members include Cristina Junqueira, Nubank co-founder and CEO of the U.S. operation; Youssef Lahrech, former COO of Nu; Brian Brooks, former Acting Comptroller of the Currency; and Kelley Morrell, former Blackstone senior managing director and ex-U.S. Treasury executive.
If approved, the license would allow Nubank to accelerate its U.S. expansion in 2026. The company could compete directly with traditional banks and established fintechs, boosting its global relevance. Still, it will need to overcome regulatory hurdles and win customers in a mature market where competition for deposits and credit remains intense.