Nu, Brazil’s largest digital financial institution, has obtained conditional approval from the Workplace of the Comptroller of the Foreign money (OCC) to ascertain a US nationwide belief financial institution, Nubank, N.A., in accordance with a current announcement.
Conditional OCC approval lets Nu enter the group part to construct Nubank, N.A., however operations can’t begin till satisfying OCC circumstances, FDIC deposit insurance coverage approval, and Federal Reserve clearance. Regulators mandate full capitalization inside 12 months and financial institution opening inside 18 months.
Nu mentioned in an announcement that full approval of the constitution would permit the financial institution to operate below a federal framework, supporting deposit accounts, lending, and digital asset custody companies within the US.
The approval provides an opportunity to validate Nu’s perception {that a} digital-first, customer-centric method represents the way forward for international monetary companies, in accordance with David Vélez, founder and CEO of Nu Holdings.
“Whereas we stay absolutely targeted on our core markets in Brazil, Mexico, and Colombia, this step permits us to construct the subsequent technology of banking in the USA,” Vélez said.
Nu’s US arm might be headed by co-founder Cristina Junqueira. Roberto Campos Neto, former President of the Central Financial institution of Brazil, will turn out to be Chairman of the Board of Administrators.
“We look ahead to delivering the clear, environment friendly monetary experiences already trusted by greater than 127 million prospects world wide to our future prospects within the US,” Junqueira mentioned.
Nu targets Miami, the San Francisco Bay Space, Northern Virginia, and the North Carolina Analysis Triangle for the institution of its US hubs.
Based in 2013, Nu is listed on the New York Inventory Trade below the ticker NU. In September 2025, the financial institution appointed former Coinbase director Michael Rihani as its head of crypto.
Nu beforehand counted Warren Buffett’s Berkshire Hathaway amongst its backers, securing a $500 million funding in its 2021 Sequence G funding spherical. Berkshire later elevated its publicity following Nu’s IPO earlier than absolutely exiting the stake in early 2025, reportedly realizing about $250 million in revenue.
