Brazil’s digital banking platform Nubank (NYSE: NU) has submitted an application for a US national bank charter, furthering its focus on international expansion expansion.
Currenty active across Brazil, Mexico as well as Colombia, a national bank charter from the Office of the Comptroller of the Currency may allow Nubank to provide deposit accounts, credit cards, lending services, and digital asset custody to US clients.
David Vélez, founder and CEO of Nu Holdings, said:
“Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion. At the same time, applying for a U.S. national charter helps us better serve our existing customers based in the country and, in the future, connect with those who share similar financial needs and could benefit from our products and services,” said .
In Mexico, where Nubank claims more than 10 million users, its subsidiary Nu Mexico obtained authorization in order to become a bank from the Comisión Nacional Bancaria y de Valores (CNBV) back in April of this year, and presently awaits its final operational approval.
For the US expansion efforts, the bank has hired former acting Comptroller Brian Brooks, as well as ex-treasury department executive Kelley Morrell to assist with application process.
Cristina Junqueira, co-founder and CEO of the upcoming United States business, shared:
“While there’s work ahead, we believe that by working closely with regulators, we will soon be in a position to expand our offering to the broader US market.”
Nubank has been a expanding operations consistently over the years, especially across the Latin America region. The digital bank now offers a wide range of financial services including digital assets trading and investing.
Nubank is also focused on various savings products and caters to all age groups, with significant focus on the younger consumers. The Fintech challenger has also been focused on enabling frictionless payments via its user-friendly apps.
