The Latin American fintech giant has received conditional approval from the OCC to form a de novo national bank, paving the way for deposits, credit cards, lending and digital asset custody in the US
Nubank has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a de novo national bank, marking a crucial step in its long‑term plan to expand into the US.
The approval, granted on January 29, comes just 121 days after the company submitted its application on September 30, 2025 – a swift turnaround in a market where international challengers have historically struggled to gain traction.
Once fully authorised, the charter will allow Nubank, operating as Nubank, N.A., to offer deposit accounts, credit cards, lending products, and digital asset custody under a federal regulatory framework. The company now enters the organisation phase, during which it must meet OCC conditions and secure additional approvals from the Federal Reserve and the FDIC.
Nubank expects to fully capitalise the bank within 12 months and open within 18 months.
Founder and CEO David Vélez said the approval is “an opportunity to prove our thesis that a digital‑first, customer‑centric model is the future of financial services globally,” adding that the company remains focused on its core markets while building “the next generation of banking in the United States.”
The US business will be led by co‑founder Cristina Junqueira, who has relocated to the country. She described the charter as “a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US.”
Roberto Campos Neto, former President of the Central Bank of Brazil, will chair the board.
A breakthrough where others stalled
The approval has drawn immediate attention across the fintech sector, particularly given the challenges faced by other global neobanks attempting to enter the US.
Industry analyst Simon Taylor noted that while Monzo “tried. Failed. Is trying again,” Bunq “waited 301 days. Withdrew,” N26 “abandoned the US entirely,” and Revolut “still doesn’t have one,” Nubank secured its conditional approval in just 121 days.
Taylor argued the difference lies in Nubank’s financial strength: “They showed up profitable.” He highlighted the company’s $4.2bn quarterly revenue, 31% ROE, $783m net income, and $0.90 monthly cost to serve, compared with more than $5 for traditional banks.
He added that Nubank’s board composition – Campos Neto as chair, Brian Brooks as director, and Junqueira running the US operation –signals a serious regulatory posture.
A strategic shift in how neobanks approach the US
Allan Duerte, Associate at McKinsey, says the move reflects a disciplined sequencing strategy: “If you believe your advantage is a low‑cost digital operating model, you don’t want to rent your balance sheet forever.” He argues Nubank’s approach shows a focus on “execution under supervision, not just product velocity,” a factor he believes has hindered other global challengers.
Duerte suggested the US fintech market may now split into two camps: platforms that own a charter and compound a funding advantage, and those that “keep paying a spread to someone else.”
Nouman Wahid Gangla, CEO of Quikefix, called the approval “a watershed moment for fintech regulation.” He said Nubank’s rapid timeline demonstrates that “profitability and operational excellence are the true differentiators” for regulators, contrasting Nubank’s 121‑day approval with competitors who “waited years or withdrew entirely.”
Cross‑border potential and a growing US footprint
Beyond domestic expansion, the charter could unlock new cross‑border capabilities across the US, Mexico and Colombia, according to Ernesto Manzano, VP at Nuvei. He said a US licence enables “remittances, multi‑country accounts, and tighter integration between US and LATAM flows”, creating a structural advantage in markets with large migrant populations.
Nubank has already announced plans for strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia and North Carolina’s Research Triangle.
The company, founded in 2013 and now serving more than 127 million customers, is the largest private financial institution in Brazil by customer base and one of the most profitable digital banks globally. It reported $4.2bn in Q3 2025 revenue, up 39% year‑on‑year, and maintains an activity rate above 83%.
