TLDR:

• Nubank received OCC conditional approval to establish a US national bank offering crypto custody services. 
• The bank must secure FDIC and Federal Reserve approvals within 12 months for capitalization requirements. 
• Co-founder Cristina Junqueira will lead US operations with former Brazil Central Bank President on board. 
• Strategic US hubs planned for Miami, San Francisco Bay Area, Northern Virginia, and North Carolina region.
  

Nubank has secured conditional approval from the Office of the Comptroller of the Currency to establish a national bank in the United States.

The Latin American digital banking giant plans to offer deposit accounts, credit cards, lending services, and digital asset custody.

The approval marks a strategic expansion for the company, which currently serves 127 million customers across its existing markets.

Regulatory Milestone Opens Path for Digital Asset Services

The OCC’s conditional approval represents a crucial step in Nubank’s expansion strategy beyond its core Latin American operations.

The company submitted its application on September 30, 2025, and received the green light within four months. This timeline demonstrates the regulatory body’s recognition of Nubank’s operational capabilities and compliance standards.

The proposed Nubank N.A. will operate under a comprehensive federal framework once all conditions are met. Beyond traditional banking products, the institution plans to provide digital asset custody services.

This feature positions the bank at the intersection of conventional finance and cryptocurrency infrastructure. The move reflects growing institutional acceptance of digital assets within regulated banking frameworks.

David Vélez, founder and CEO of Nu Holdings, addressed the expansion’s broader implications for the company’s vision. “This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally,” Vélez stated.

He noted the company remains focused on its core markets in Brazil, Mexico, and Colombia while building the next generation of banking in America.

The bank will need to satisfy specific OCC conditions during the organization phase. Additionally, pending approvals from the FDIC and Federal Reserve remain necessary before full operations can commence. Regulators have set clear deadlines: full capitalization within 12 months and bank opening within 18 months.

Leadership and Geographic Expansion Strategy

Cristina Junqueira, co-founder of Nubank, will lead the US operations after relocating from Latin America. Her appointment signals the company’s serious commitment to building a sustainable American presence.

Roberto Campos Neto, former President of the Central Bank of Brazil, will chair the Board of Directors. This leadership combination brings both entrepreneurial vision and regulatory expertise to the venture.

Junqueira emphasized the importance of regulatory compliance in the company’s American ambitions. “Receiving federal approval for a national bank charter is a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US,” the CEO of the emerging US business said.

She expressed confidence in delivering transparent and efficient financial experiences to future American customers, similar to services already trusted by over 127 million customers worldwide.

The company plans to establish strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia, and North Carolina’s Research Triangle.

These locations provide access to diverse talent pools and different customer demographics. The multi-city approach suggests a measured expansion strategy rather than a concentrated single-market focus.

Nubank’s regulatory track record spans multiple jurisdictions with varying requirements. The company has operated as a fully regulated financial institution in Brazil since 2016.

Nu Mexico received authorization to organize as a banking institution in April 2025 and awaits final operational approval. The Brazilian operation plans to obtain a full banking license in 2026. The company has traded publicly on the New York Stock Exchange since 2021 under ticker symbol NU.