Brazil's fintech juggernaut Nubank has applied to start operating in the United States after its rapid expansion in Latin America, where it has become one of the largest public companies in just over a decade.
The virtual bank, which boasts 123 million clients in Brazil, Mexico and Colombia, announced Tuesday it had requested a national bank charter from the Office of the Comptroller of the Currency of the United States.
"Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion," said founder David Velez in a statement.
"At the same time, applying for a US 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."
Nubank was founded in 2013 in Sao Paulo to tackle weaknesses in the Brazilian banking system, and now ranks among the largest digital banking platforms globally.
It wooed clients with no-fee credit cards and allowing them to cut through traditional banking bureaucracy in a country where five historic banks served a population of 213 million people.
The company listed on Wall Street in 2021.
In the second quarter of 2025, Nu Holdings posted record revenue of $3.7 billion, up 40 percent year-on-year, and net income of $637 million.