South America-based digital bank Nubank (Nu) (NYSE:NU)has received approval for a federal bank charter by the Office of the Comptroller of the Currency. With approval, Nubank will be able to compete on a level playing field with other digital and legacy banks.
As is typical, the charter is conditional but will enable the bank to operate the expected services, including deposits, lending, cards, and more. Digital asset custody is also part of the equation.
David Vélez, founder and CEO of Nu Holdings, said the bank charter was an opportunity to prove their thesis of a digital-first operation as the future of financial services.
“While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build the next generation of banking in the United States,” said Vélez.
Nubank’s co-founder, Cristina Junqueira, will become CEO of the US operations.
Junqueira said they “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.”
Nu anticipates launching operations in the US within 18 months after capitalizing the bank.
Several global digital banking operations have attempted to obtain a bank charter but have failed. Perhaps the fact that Nu is already a public firm and submits to heightened disclosure, and the fact that the Trump administration is demonstrably pro-innovation, cleared the way for it to become a chartered bank.
Receiving a federal charter is no small task, whether for a digital or traditional banking operation. The requirements are rigorous, and regulators constantly scrutinize operations. The company submitted its application on September 30, 2025.
Nu noted that its subsidiary, Nu Mexico, received authorization from the Comisión Nacional Bancaria y de Valores (CNBV) to operate as a banking institution in April 2025 and is awaiting final operational approval. In Brazil, Nu has operated as a fully regulated financial institution since 2016 and recently announced its intention to obtain a full banking license in 2026.
Nubank has been publicly traded on the New York Stock Exchange since 2021. The company has a market cap of around $86 billion.