Brazil's Nubank Seeks U.S. National Bank Charter to Expand Globally

Brazilian fintech Nubank has applied for a U.S. national bank charter with the Office of the Comptroller of the Currency as part of its plan to expand beyond Latin America and evolve into a global financial platform. If approved, the charter will allow Nubank to operate nationwide without needing state licenses, offering Americans services such as checking accounts, credit cards, loans, and digital asset custody. Nubank's U.S. board includes a mix of Brazilian and American leaders, notably former Brazilian central bank chief Roberto Campos Neto as chair. The move aims to give Nubank direct access to deposits, enabling more control and better margins compared to the partnership model many foreign fintechs rely on. This expansion comes amid increasing competition in the U.S. market from other fintechs like Brazil’s Inter and UK-based Revolut. The rollout strategy and regulatory approvals will be key indicators of Nubank's risk approach and growth trajectory in the U.S.