Nu announces a hat trick of updates, sharing a US banking launch, multi-currency accounts and stablecoin-powered cross-border payments.
Nu has ventured outside of Latin America for the first time, travelling north to the US to launch consumer banking services, as well as a separate global account powered by stablecoins.
As part of its US entrance, the company will offer current accounts, debit and credit cards, savings features and domestic and international transfers.
Customer deposits will initially be held at FDIC-insured Lead Bank, allowing the company to serve customers before completing its banking licence process.
In January, Nu received conditional approval from the Office of the Comptroller of the Currency in just 121 days to establish a de novo national bank in the US. Once fully authorised, the charter will allow it to offer deposits, credit cards, lending and digital asset custody under its own federal framework.
The bank has had a lot of success in Latin America, where it serves more than 140 million customers across Brazil, Mexico and Colombia.
Cristina Junqueira, Co-founder and CEO of Nu US, said the company wants to become customers’ primary banking relationship, adding that “even a small share of the US market will be transformative for our business”.
Nu spent recent months raising its profile in the country ahead of the launch. In March, the company secured naming rights for Inter Miami’s new stadium and agreed a shirt sponsorship deal with the Major League Soccer (MLS) club.
Multi-currency account targets global customers
In addition to the US launch, Nu has introduced Nu Global, a multi-currency account targeted at people whose financial lives span more than one country.
The account supports transfers across more than 35 countries and aims to reduce some of the friction traditionally associated with international money movement. The company cited World Bank data that showed people lose 6% of money sent across borders on hidden fees and exchange-rate margins.
David Vélez, Founder and CEO of Nu, said: “Today, more and more people have borderless lives, and money is often the hardest part to juggle: multiple apps, confusing exchange rates, long waits, and high fees. That’s where the idea of Nu Global came to life.
“A product that brings the Nu experience into international money management, with the simplicity and efficiency of technology put in favour of customers at a global scale”.
Users can send and receive funds without transfer fees across initial markets in Europe and Latin America, with integrations into Brazil, Colombia, Mexico and the US expected to follow. A virtual Mastercard also allows users to spend internationally without exchange rate markups.
Nu adds stablecoins to everyday payments
With the bank travelling north to the US, it is perhaps fitting the other half of its global expansion leans on stablecoins, which the market has looked to lead through the GENIUS Act.
Nu Global will convert customer deposits into USDC or EURC, digital assets pegged to the US dollar and euro. Users will earn 3.50% APY on digital dollar balances and 2.20% on digital euro balances and be able to use the same account for international spending and money transfers.
Customers will also be able to buy and sell Bitcoin and Ethereum, which can be managed through its app.
“Entering the US is a strategic step in Nu’s evolution into a global digital financial services platform. But building that platform also means looking beyond any single market to problems that are universal”, said Vélez.
Stablecoins are being integrated into mainstream payments more and more, with key regulations such as MiCA driving adoption.
Last month, Chime Financial was reportedly exploring a plan to make stablecoins a feature of its consumer banking app, asking companies to submit proposals for stablecoin wallet services that would allow customers to send and receive stablecoins.
