Nubank Explores Relocation to United Kingdom

Brazilian fintech giant Nubank is exploring the possibility of relocating its legal domicile from the Cayman Islands to the United Kingdom, while maintaining its operational headquarters in São Paulo. This potential shift is part of the UK government's strategy to attract more global tech firms and follows recent discussions at the G20 summit in Rio de Janeiro. Nubank's holding company, Nu Holdings, has been collaborating with British officials on the move, although no final decision has been made yet. The bank has seen substantial growth, reporting $1 billion in profit in 2023 and boasting 100 million customers across Latin America. This consideration comes amidst increasing regulatory pressures in Brazil that could affect fintech profitability. The move could significantly enhance Nubank's international standing and operational flexibility.