On 30 September 2025, digital financial services platform Nu submitted its application to the Office of the Comptroller of the Currency (OCC) of the US for the establishment of a de novo national bank named Nubank. The receipt of conditional approval from the OCC marks a significant milestone in Nu’s strategic plan to expand its operations and product offerings in the United States.

With full approval, Nubank will be able to operate under a comprehensive federal framework, enabling it to offer deposit accounts, credit cards, lending services, and digital asset custody. This development is crucial as Nu moves forward with its US market expansion plans.

Nu’s Plan for US Expansion

Nu is currently in the bank organization phase, which involves meeting specific conditions set by the OCC alongside pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. The company aims to capitalize the institution within 12 months and open the bank within 18 months as per regulatory requirements.

Cristina Junqueira, Nu’s co-founder and CEO of the emerging US business, stated that receiving federal approval for a national bank charter is a significant step in positioning the company as a compliant and competitive regulated institution. The goal is to offer transparent and efficient financial experiences to customers across the United States.

This development builds on Nu’s commitment to adhering to regulatory requirements globally. In addition to its operations in Brazil, where it has been a fully regulated financial institution since 2016, Nu recently announced plans for a full banking license in Brazil in 2026. Meanwhile, the company’s subsidiary Nu Mexico was authorized by the Comisión Nacional Bancaria y de Valores (CNBV) to establish a banking institution in April 2025 and is awaiting final operational approval.