Nu Holdings received conditional approval from the Office of the Comptroller of the Currency in January 2026 to establish Nubank NA, a US national bank. The company must fully capitalise the bank within 12 months and begin operations within 18 months.
US Market Entry
Nubank NA plans to offer deposits, credit cards, lending, and digital asset custody from hubs in Miami, San Francisco Bay Area, Northern Virginia, and North Carolina's Research Triangle. The full bank charter provides direct access to Fedwire, ACH, and card network membership without relying on partner banks.
Scale and Track Record
Nubank serves over 220 million customers across Brazil, Mexico, and Colombia, making it the world's largest digital bank by customer count. The company's mobile-first, low-cost model achieved profitability in 2023 and consistently delivers customer acquisition costs far below traditional banks. Its US entry tests whether emerging-market digital banking innovation can compete in a developed market.
What This Means
Nubank's US charter approval is part of the broader 2025-2026 wave of fintech banking applications, but stands out for scale: no other applicant brings 220+ million existing customers. If Nubank applies its Latin American playbook - zero-fee accounts, instant credit decisions, AI-driven operations - to the US market, it could pressure traditional banks and existing neobanks alike. The digital asset custody offering signals that Nubank views crypto services as a standard banking feature rather than a niche product.