Nu Holdings, the parent company of Nubank, received conditional approval from the Office of the Comptroller of the Currency on January 29, 2026 to establish a US national bank. The new entity, Nubank N.A., will enable the company to offer deposit accounts, credit cards, lending, and digital asset custody under a federal banking framework.
The conditional charter requires Nu to secure additional approvals from the FDIC and the Federal Reserve, fully capitalize the new institution within 12 months, and open the bank within 18 months. The company plans to establish strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia, and North Carolina’s Research Triangle.
Nubank’s Q1 2026 results provided the financial context for the expansion. Revenue exceeded five billion dollars with net income of 871 million dollars, representing a 29 percent return on equity. The company added approximately four million customers during the quarter, reaching 135 million globally. Its Mexican operations achieved profitability during the period, and the company is approaching five million customers in Colombia.
The US charter represents a transition from Latin American digital banking leader to global platform. Nubank currently operates without a US banking license, limiting its product offering. A national bank charter provides direct access to the Federal Reserve’s payment systems, FDIC insurance eligibility, and the ability to offer a full suite of banking products. For US incumbents, the arrival of a profitable digital bank with 135 million customers and proven unit economics introduces a new category of competitor.
