Nubank’s global growth plan includes potential UK move

Nubank sign
Editorial credit: Alf Ribeiro / Shutterstock.com

NU Holdings, the fintech behind Nubank, is considering relocating its legal domicile to the UK as part of its global expansion plans.

In an interview with Reuters, David Velez, Founder and CEO of NU Holdings, shared that the company is “actively thinking about what are some of the jurisdictions that make sense” as it looks ahead to the next 10 years of global growth.

On Monday, Velez stated, “We are considering the UK,” but also acknowledged that “tax changes bring uncertainty in terms of jurisdiction and where to operate”. 

Nubank, which started its operations in Sao Paulo over a decade ago, has grown to serve more than 100 million customers across Brazil, Mexico and Colombia, establishing itself as one of the world’s largest digital challenger banks.

Now, the company is focused on expanding beyond Latin America, with the US looking increasingly attractive to Velez.

“With the US getting on board, fintech and crypto are back,” Velez remarked. “When an administration suddenly sees fintech as being good for consumers and more competition, that makes it more attractive.

“The US has several regulatory agencies regulating the same thing. So if there is a simplification of the regulatory agencies, they could make a much more interesting environment for other players to come in”. 

This appears to align with one of President Trump’s first actions after his return, which was to implement a regulatory and hiring freeze for government agencies.

In terms of the UK, this news from Velez is likely music to the ears of Chancellor of the Exchequer Rachel Reeves, who is focused on revitalizing the nation’s economy. She has been very vocal about seeking private investment from other countries.

Since taking on the role, Reeves has traveled around the world, including visits to New York and Toronto in August, to share the message that Britain is open for business.