Nubank is set to obtain a full banking licence in Brazil following new regulatory requirements
Nubank has announced plans to obtain a full banking licence in Brazil following the introduction of new regulatory requirements.
The decision comes as Joint Resolution No. 17 from the Central Bank of Brazil and the National Monetary Council enters into force, requiring regulated institutions to standardise brand use across their operations.
In order to comply, Nubank will incorporate a banking institution within its conglomerate, while keeping its brand and visual identity the same.
“Nubank was founded 12 years ago and has been responsible for the inclusion of 28 million individuals in the financial system. Our identity and mission to simplify our customers’ lives will remain the same,” states Livia Chanes, CEO of Nubank in Brazil.
The company, which serves more than 110 million customers in Brazil, said the shift will not affect day-to-day services, and all accounts and products will continue to operate without any impact.
A full banking licence, however, will give the firm greater opportunity to expand its services, simplify regulatory processes, and bolster its standing within the country’s financial system.
How Nubank has scaled
Since launching its first product in 2014 with a no-fee credit card managed through a mobile app, Nubank has grown into Brazil’s largest financial services platform by customer base.
As of November 2024, Nubank said its user base represented 57% of the Brazilian adult population. The firm added eight million new customers in Brazil in just six months, taking its total across Brazil, Mexico and Colombia to 108 million. Earlier that year it surpassed the 100 million mark for the first time, including 92 million customers in Brazil alone.
“We have 100 million Brazilians who trust in Nu,” said Chanes. “The scale we have reached here is very impressive. Our commitment is to keep delivering products and services that are transparent, fair and reflect people’s needs.”
Nubank’s ability to scale without a full banking licence is similar to models used by European neobanks, relying instead on a combination of payment institution, credit and financing, and brokerage licences. This regulatory strategy has helped Nubank expand into Mexico and Colombia, where it has quickly become one of Latin America’s largest fintech groups.
In Mexico, the model is now evolving inline with Brazil. In April 2025, Nu Mexico secured approval from the National Banking and Securities Commission to obtain a full banking licence, making it the first SOFIPO in the country permitted to transition into a bank.
At the time, Founder and CEO David Vélez said the move reflects Nubank’s ambition to deepen its presence in a market where it has already invested more than $1.4bn and grown to over 10 million customers.
A parallel to Europe’s neobanks
Nubank’s licensing journey mirrors the path taken by several European fintechs, where fast growth has often been built on alternative regulatory models rather than full banking charters.
Revolut is one of the clearest examples as since launching in 2015, the London-based fintech has grown to more than 40 million customers globally, offering payments, wallets, FX, crypto trading and savings products through a patchwork of e-money and specialised licences.
Revolut applied for a full UK banking licence in early 2021, but the approval process has been slow. The company remains in the Prudential Regulation Authority’s “mobilisation phase”, a transitional period which allows firms to operate with restrictions while preparing to meet full regulatory requirements.
Despite the challenges, some argue the model gives fintechs a competitive edge. At the FT Global Banking Summit, Barclays CEO C.S. Venkatakrishnan said firms operating without a full UK banking licence remain “free from some of the very important consumer obligations that we have to fulfil.”
