Nubank Adds Banking License to Its Financial Services Operations
Nubank can maintain its existing name while adding a banking license to its payment institution, credit, financing, investment and securities brokerage activities. The move allows the company to continue operating under Brazil’s fintech regulations while broadening the scope of its financial services.
Livia Chanes, CEO of Nubank for Brazil and Latin America, highlighted the importance of the license for the company and its relationship with customers and Brazil’s financial system.
“Trust is built on transparency and respect for the people who choose Nubank. The banking license continues that path and reinforces our commitment to those who stand by us and to the national financial system,”
Chanes said the license reinforces Nubank’s commitment to transparency, its customers and Brazil’s national financial system.
Brazil Remains Nubank’s Largest Market
Brazil is Nubank’s main market, where the company has recently invested 45 billion reais ($7.9 billion). Nubank now reaches one in every five adults in the country, giving customers access through its app to accounts, credit and crypto investments.
During the release of its third-quarter financial results, Nubank said it served 65% of Brazil’s adult population. Customer activity increased for the seventh consecutive quarter, reaching a record 86.3% in Brazil.
Nubank Expands Into the United States
Nubank announced an expansion into the United States in September after receiving conditional approval from the Office of the Comptroller of the Currency in January. The company is partnering with Kansas City-based Lead Bank to offer its services through a bank-partner model.
Building on its presence in the jurisdictions where it operates, Nubank launched Nu Global, a USDC-based account designed to let users move money across borders and make crypto payments with an associated credit card.
“We want to earn the place of being people’s primary banking relationship, and capturing even a small share of the U.S. market will be transformative for our business,” said Cristina Junqueira, co-founder and CEO of Nu U.S.
Why This Matters
The banking license strengthens Nubank’s position as it expands beyond its original digital payments model and continues developing a broader financial services platform. Its scale in Brazil provides the company with a substantial domestic customer base, while the U.S. partnership model and Nu Global account support its efforts to build cross-border services and attract customers in a new market.
Frequently Asked Questions
Can Nubank keep its current name after receiving the banking license?
Yes. Nubank can maintain its name while adding the banking license to its payment institution, credit, financing, investment and securities brokerage activities.
How large is Nubank’s presence in Brazil?
Nubank said it serves 65% of Brazil’s adult population and reaches one in every five adults in the country. Activity rose for the seventh consecutive quarter to a record 86.3%.
What is Nu Global?
Nu Global is a USDC-based account that allows users to move money across borders and pay with crypto using an associated credit card.
