Brazil-based digital bank Nubank has applied for a national bank charter in the United States, signalling a potential move beyond Latin American markets.
The application represents the company’s most tangible step toward developing an international model after years of concentrating on Brazil, Mexico and Colombia. Nubank, listed in New York through its holding company Nu Holdings, indicated that the charter would provide a framework to expand its US operations. Officials noted that such a licence could eventually allow the firm to offer services including deposit accounts, credit cards, lending, and custody for digital assets.
Focus remains in Latin America
While the bank continues to emphasise growth across its existing markets, representatives acknowledged that the US charter could also help serve current customers based in the country. They added that, over time, the move could position Nubank to connect with clients who have similar financial needs to those in Latin America.
Founded in São Paulo more than a decade ago, Nubank has surpassed 120 million customers across its three active markets, making it one of the largest digital-only banks globally according to MSN. The company has also competed closely with Brazil’s traditional lenders, such as Itaú Unibanco, with its market capitalisation recently reaching record levels.
Nubank confirmed that one of its co-founders will oversee the US business, while a former head of Brazil’s central bank has been named chair of its board. Company officials said that, although regulatory approval remains an issue, they expect that working with US authorities will enable a wider product launch in due course.
MSN reports that shares in Nu Holdings briefly rose by more than 1% following the announcement before settling later in the day. The filing comes after months of speculation, as executives had previously signalled plans to enter a new market.
