Brazil’s Nubank gets conditional approval to establish US national bank

Nu, Brazil’s largest digital bank, has obtained conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank, Nubank, N.A., according to a recent announcement.

Conditional OCC approval lets Nu enter the organization phase to build Nubank, N.A., but operations can’t start until satisfying OCC conditions, FDIC deposit insurance approval, and Federal Reserve clearance. Regulators mandate full capitalization within 12 months and bank opening within 18 months.

Nu said in a statement that full approval of the charter would allow the bank to function under a federal framework, supporting deposit accounts, lending, and digital asset custody services in the US.

The approval offers a chance to validate Nu’s belief that a digital-first, customer-centric approach represents the future of global financial services, according to David Vélez, founder and CEO of Nu Holdings.

“While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build the next generation of banking in the United States,” Vélez stated.

Nu’s US arm will be headed by co-founder Cristina Junqueira. Roberto Campos Neto, former President of the Central Bank of Brazil, will become Chairman of the Board of Directors.

“We look forward to delivering the transparent, efficient financial experiences already trusted by more than 127 million customers around the world to our future customers in the US,” Junqueira said.

Nu targets Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle for the establishment of its US hubs.

Founded in 2013, Nu is listed on the New York Stock Exchange under the ticker NU. In September 2025, the bank appointed former Coinbase director Michael Rihani as its head of crypto.

Nu previously counted Warren Buffett’s Berkshire Hathaway among its backers, securing a $500 million investment in its 2021 Series G funding round. Berkshire later increased its exposure following Nu’s IPO before fully exiting the stake in early 2025, reportedly realizing about $250 million in profit.