Nubank’s Strategic Leap: Secures Crucial US Approval to Form National Bank and Expand Crypto Services

In a landmark development for the fintech sector, Brazilian digital banking giant Nubank has secured conditional approval from the United States Office of the Comptroller of the Currency (OCC) to form a national bank. This pivotal decision, announced on Friday, marks a significant strategic expansion for the company as it aims to bring its blend of regulated banking and integrated cryptocurrency services to the lucrative US market. The approval represents a major step in the evolving relationship between traditional finance and digital assets, setting a precedent for other global fintech firms.

Nubank’s Path to a US National Bank Charter

The conditional approval from the OCC initiates the formal bank organization phase for Nubank. Consequently, the company must now meet specific capitalization requirements and supervisory conditions. Furthermore, it needs to secure additional approvals from both the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can officially launch operations. According to the company’s announcement, the leadership team for the US venture will be formidable. Co-founder Cristina Junqueira will lead the bank, while former Central Bank of Brazil president Roberto Campos Neto will serve as board chair. Nubank has projected a timeline of approximately 18 months to fully capitalize and open the bank, contingent upon final regulatory clearance.

This move is not an isolated event but rather a calculated expansion for a company with a substantial existing footprint. Founded in 2013, Nubank has grown to serve over 127 million customers primarily across Brazil, Mexico, and Colombia. The company went public on the New York Stock Exchange in 2021, signaling its global ambitions. The pursuit of a US national bank charter is a logical next step, enabling Nubank to offer a full suite of financial products, including deposits, lending, credit cards, and crucially, digital asset custody services directly within the US regulatory framework.

The Crypto Integration Strategy

Nubank’s foray into the United States is deeply intertwined with its established cryptocurrency strategy. The company first entered the crypto market in 2022 through a partnership with Paxos, allowing customers to buy, sell, and hold cryptocurrencies directly within its app. At that time, Nubank also made a notable corporate commitment by allocating roughly 1% of its net assets to Bitcoin (BTC). This demonstrated a firm belief in digital assets as a strategic asset class.

The expansion has been methodical. In March of this year, Nubank broadened its crypto trading offerings in Brazil by adding major altcoins like Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO). This brought its total number of supported tokens to 20. More recently, in September, the fintech announced plans to test dollar-pegged stablecoin payments linked to credit cards. This initiative aims to seamlessly integrate digital asset functionality with traditional banking services, a core tenet of its business model.

A Broader Industry Trend Toward Regulation

Nubank’s push for a US banking charter reflects a powerful industry-wide trend. Fintech and cryptocurrency companies are increasingly seeking regulated banking licenses to gain legitimacy, stability, and the ability to offer a broader range of services. The OCC has been at the center of this shift. In December, the agency granted conditional approval to stablecoin issuer Circle and blockchain firm Ripple Labs to establish national trust banks. Similarly, it cleared the conversions of BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company into national trust banks.

The momentum continues into the new year. On January 23, London-based fintech Revolut, valued at approximately $75 billion, disclosed its plans to apply for a US banking license. This pattern underscores a strategic pivot where innovative financial technology firms are no longer operating solely on the periphery but are actively seeking to become integral, regulated parts of the mainstream financial system. The table below highlights key recent movements in this space:

The implications of this trend are profound. For consumers, it promises greater access to integrated financial services that combine the innovation of fintech and crypto with the security of bank-level regulation. For the industry, it represents a maturation phase, moving away from the wild west era toward structured oversight and institutional participation.

Strategic Implications and Market Impact

Successfully obtaining a US national bank charter would provide Nubank with several critical advantages. Primarily, it would allow the company to operate under a single, federal regulatory framework instead of navigating a patchwork of state-by-state money transmitter licenses. This significantly reduces operational complexity and cost. Additionally, a bank charter enables Nubank to:

• Accept FDIC-insured deposits, building immediate customer trust.
• Offer lending and credit products directly, creating new revenue streams.
• Provide official digital asset custody, a service in high demand among crypto users.
• Potentially issue its own payment cards and access Federal Reserve payment systems.

This strategic expansion also positions Nubank to compete more directly with both traditional US banks and neobanks. By offering integrated crypto services—a feature most incumbent banks still avoid—Nubank can differentiate itself and attract a tech-savvy customer base. The move validates the growing convergence of banking and digital assets, suggesting that future financial leaders will likely be those that master both domains.

Conclusion

Nubank’s conditional approval to form a US national bank is a transformative event with wide-reaching consequences. It signals a decisive moment where a leading global fintech is bridging the gap between innovative digital finance and the established, regulated banking world. The 18-month journey ahead, involving further approvals from the FDIC and Federal Reserve, will be closely watched by the entire financial industry. If successful, Nubank will not only expand its own empire but will also further legitimize the model of combining traditional banking with cryptocurrency services, paving the way for a new generation of integrated financial institutions. This Nubank US approval is more than a corporate milestone; it is a bellwether for the future of finance.

FAQs

Q1: What does conditional approval from the OCC mean for Nubank?
Conditional approval means the OCC has granted Nubank permission to proceed to the “bank organization phase.” However, the company must still meet specific requirements related to capital, management, and operational plans, and secure final approvals from the FDIC and Federal Reserve before it can officially open and operate the national bank.

Q2: What services will Nubank’s US national bank be able to offer?
Upon final approval, the bank will be authorized to offer a full range of services including FDIC-insured deposits, lending products, credit cards, and digital asset custody. This will allow it to operate as a fully-regulated bank while integrating its existing cryptocurrency offerings.

Q3: How does Nubank’s move fit into larger trends in fintech and crypto?
Nubank’s pursuit of a banking charter is part of a clear trend where major fintech and cryptocurrency companies seek regulated banking licenses. This grants them greater operational stability, reduces regulatory complexity, and allows them to offer a wider array of trusted financial services, merging innovation with traditional banking security.

Q4: Who will lead Nubank’s US banking operations?
The US bank will be led by Nubank co-founder Cristina Junqueira. The board chair will be Roberto Campos Neto, the former president of the Central Bank of Brazil, bringing significant regulatory and financial expertise to the venture.

Q5: What is the timeline for Nubank’s US bank launch?
Nubank has stated it aims to fully capitalize and open the bank within approximately 18 months. This timeline is dependent on successfully meeting all remaining conditions and securing the necessary final approvals from the FDIC and the Federal Reserve.