After teasing the possibility of pursuing an expansion into the US back in March, Nubank, a subsidiary of Nu Holdings (NU), has confirmed that it applied for a US national bank charter.
One of the biggest fintech banks in Latin America, focusing on underbanked customers in Brazil, Mexico and Colombia, Nubank said it applied for the charter with the Office of the Comptroller of Currency (OCC) of the United States.
The company noted that a national bank charter from the OCC would allow it to offer deposit accounts, credit cards, and lending and digital asset custody services.
Nubank has formed a board of directors for its US business, with Roberto Campos Neto, former President of the Central Bank of Brazil, serving as chairman.
“Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion,” David Vélez, founder and CEO of Nu Holdings, said in a statement.
“At the same time, applying for a U.S. national charter helps us better serve our existing customers based in the country and, in the future, connect with those who share similar financial needs and could benefit from our products and services.”
Nu Holdings’ stock has gained nearly 46.6% for the year.
Vélez told Reuters in January that the company was considering a possible expansion of its operations into the US, citing the Trump administration's friendlier regulatory approach around digital assets as creating a more favorable environment for Nubank to enter the market.
"With the U.S. getting on board, fintech and crypto are back," Velez said at the time. "When an administration suddenly sees fintech as being good for consumers and more competition, that makes it more attractive."
He added that "if there is a simplification of the regulatory agencies, they could make a much more interesting environment for other players to come in."
A ‘massive opportunity’ in the US
Wolfe Research analysts, led by Darrin Peller, reiterated its Outperform rating for Nu Holdings and maintained a $17 price target.
Peller describes Nuban “as somewhat of a hybrid between US neobanks and traditional banks, with advantages from each.” He sees an expansion into the US creating a path for Nubank to significantly scale its operations.
“Competition aside, we see the US as a massive opportunity for NU given the population and economy,” Peller said. “For example, relative to Brazil’s GDP, Florida is nearly equal, Texas is slightly greater, and California is roughly double.”
Meanwhile, Rothschild Redburn analysts, led by Gonzalo Lopez, reiterated their Buy rating and maintained an $18 price target.
Lopez called the expansion into the US a “prelude to a much bigger story” for Nubank.
“Since David Vélez flagged global expansion as a top 2025 priority, speculation has been mounting about Nubank’s roadmap,” Lopez said. “Beyond this filing, the next few months will be decisive: investors should expect clearer guidelines on how management envisions the company’s global trajectory.”
Founded in 2013, Nubank services approximately 123 million customers across Latin America. Its subsidiary Nu Mexico was granted authorization to become a bank from the Comisión Nacional Bancaria y de Valores (CNBV) in April and now awaits final operational approval.
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