Nubank launched operations in the U.S. last week using a partner bank model, before receiving word on whether it will obtain full approval for a U.S. banking license. The Sao Paulo-based lender received conditional approval in January from the Office of the Comptroller of the Currency to launch a national bank in the U.S., with a full rollout still projected for 2027. The debut coincides with the rollout of a multicurrency digital account, Nu Global, designed to support no-fee money movement across more than 35 countries.
The U.S. launch relies on Kansas City, Missouri-based Lead Bank, insured by the Federal Deposit Insurance Corp., to hold deposits. Nubank said the arrangement allows it to gather feedback early on its customer experience. The product suite includes an account offering a 3.5% annual percentage yield, which could grow to 4.5% APY on a savings goal of up to $10,000 if users opt in for a Mastercard-partnered Nu credit card. The card offers unlimited 1.5% cash back on every purchase and carries no annual fees. Nubank's U.S. CEO, Cristina Junqueira, said capturing even a small share of the U.S. market would be transformative for the business.
The launch comes during a month in which U.K. fintech Revolut secured conditional charter approval from the OCC and Chime bought a bank rather than wait on the charter process. Dylan Lerner, digital banking senior analyst at Javelin Strategy and Research, said Nubank likely timed the move in accordance with the OCC's openness to fintech expansion, adding that the launch may be more of a bet on regulators' timing than on Nu's product. CEO David Vélez said the company wanted to accelerate because of the time-consuming nature of regulatory approvals, and that work with Lead Bank began before Nubank decided to apply for a banking license.
What remains unknown is whether Nubank will receive unconditional OCC approval for its own U.S. bank, and how the partner bank model will perform against cautionary tales such as Monzo and N26, which pulled back from U.S. attempts, or Bunq and Wise, whose U.S. charter applications were rejected by the OCC this year. The long-term adoption of Nu Global's stablecoin-based deposits and digital asset trading also remains unproven.