Payment Expert explores how Nubank’s push for a US bank charter could disrupt the country’s payments system.
Nubank has applied for a US national bank charter, a move which could have a significant impact on the digital payments and banking landscape in the country.
Announced on September 30, the Brazilian fintech giant filed its application with the Office of the Comptroller of the Currency (OCC) as it looks to expand beyond its core Latin American markets.
The licence would eventually allow Nubank to offer US customers deposit accounts, credit cards, lending products and digital asset custody.
The strategy marks a different direction for the company, which has built a reputation for disrupting financial services in Brazil, Mexico and Colombia. In April, its Mexican subsidiary received regulatory authorisation to operate as a bank, with full approval expected later this year.
“Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion,” said David Vélez, Founder and CEO of Nu Holdings.
“At the same time, applying for a US 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.”
In a release, Nubank named Co-founder Cristina Junqueira to lead the US business, relocating full-time to the country. The subsidiary’s board will include figures such as Roberto Campos Neto, former President of the Central Bank of Brazil and Brian Brooks, former Acting Comptroller of the Currency.
Pix and the US opportunity
When looking at how Nubank could reshape payments in the US, Pix is impossible to ignore. Developed by Brazil’s central bank, the instant payment system has become the country’s preferred way to pay. In March 2025 it processed more than six billion transactions and its global reach has extended to 168 million users through Pix International.
Pix has already arrived in the US in a limited way. Verifone has exclusive rights to integrate the system into point-of-sale terminals, allowing Brazilian tourists to pay in reais at shops in states such as Florida and New York.
What Nubank might bring to the table is not Pix itself, but the model behind it. A domestic payment network based on QR codes, round-the-clock availability and instant settlement could offer Americans a faster and cheaper alternative to card payments.
The challenge is that the US is still deeply reliant on credit and debit cards, which fund both banks and reward programmes through interchange fees.
Regulators also remain cautious. The Office of the US Trade Representative has already raised concerns about Pix, describing it as a potential competitive threat to American payment networks.
Hyper-localisation is Nubank’s true talent
Nubank’s success in Latin America has never been about a one-size-fits-all approach. The company has built products which reflect the everyday realities of its customers.
In Brazil, where phone theft is a common risk, Nubank created Modo Rua. The feature automatically limits what users can do on the app when they are not connected to a trusted Wi-Fi network, protecting them from large or sensitive transactions if their phone is stolen.
In Colombia, where many people still rely on cash, Nubank built a nationwide network of physical locations where customers can top up their digital wallets. It also simplified onboarding so that people with limited documentation or no credit history could gain access to digital banking services.
The American banking system is sophisticated, but it is far from seamless. Payments remain fragmented, cross-border transfers are often costly and many communities continue to be underserved. Nubank’s track record suggests it will look for these pressure points and design solutions which are designed to local realities.
