The firm applied with the Office of the Comptroller of the Currency, it said in a Tuesday press release.
“Today our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion,” Nu Holdings Founder and CEO David Vélez said in the release. “At the same time, applying for a U.S. national charter helps us better serve our existing customers based in the country and, in the future, connect with those who share similar financial needs and could benefit from our products and services.”
Cristina Junqueira, co-founder, chief growth officer of Nu Holdings and CEO of the emerging U.S. business, has relocated full time to the United States, according to the release.
“Nubank’s purpose continues to be to positively impact people’s lives by offering best-in-class digital financial services,” Junqueira said in the release. “While there’s work ahead, we believe that by working closely with regulators, we will soon be in a position to expand our offering to the broader U.S. market.”
Founded in 2013 and headquarter in São Paulo, Nubank currently serves nearly 123 million customers in Brazil, Mexico and Colombia, according to the release.
In Mexico, its subsidiary, Nu Mexico, received authorization to become a bank in April and is now awaiting final operational approval, per the release.
It was reported in January that Nubank was considering expanding to the U.S., with Vélez saying the country may become a more attractive market for the company as President Donald Trump has shown an interest in promoting digital assets and in streaming banking regulations.
In February, Nu Holdings released an earnings presentation in which it said it is pursuing a “Three Act Strategy” that includes building “the largest and most loved” retail banking franchise in Latin America, expanding beyond financial services, and becoming “a global AI-driven digital banking model.”
Nubank said in August that it appointed FinTech veteran Armando Herrera to lead Nu Mexico as CEO, effective Sept. 2, and that Herrera’s expertise “will be a significant asset at this moment of the company.”
