Brazilian digital challenger Nubank has applied to the Office of the Comptroller of the Currency (OCC) for a US national bank charter, a strategic move aimed at evolving its regional platform into a global model for future international opportunities.
The São Paulo-headquartered firm, founded in 2013, currently serves 123 million users across Brazil, Colombia, and Mexico. If the US charter is secured, Nubank plans to enter the US market with a comprehensive offering that includes deposit accounts, credit cards, lending, and digital asset custody services.
This application follows Nubank’s recent expansion in Mexico, where its regional division, Nu Mexico, received approval for a banking license from the National Banking and Securities Commission (CNBV) in April. The company further strengthened its Mexican operations by appointing former American Express chief Armando Herrera as CEO of Nu Mexico in September, while awaiting final operational approval from the CNBV.
In anticipation of a US national bank charter, Nubank has begun outlining a board of directors for its US business. The proposed board is set to include former Central Bank of Brazil president Roberto Campos Neto as chairman, along with Cristina Junqueira, former Nu president and COO Youssef Lahrech, former Acting Comptroller of the Currency Brian Brooks, and former Blackstone senior managing director Kelley Morrell.
Cristina Junqueira, who will serve as CEO of Nubank’s US business, commented on the development: “While there’s work ahead, we believe that by working closely with regulators, we will soon be in a position to expand our offering to the broader US market.”
Nubank has not provided a specific timeline for its proposed US expansion. However, the OCC typically aims to make a decision within 120 days after receiving a complete application, or as soon as possible thereafter. Applications are also subject to a 30-day public comment period.