Brazil’s Nu Holdings gets conditional OCC approval for national bank

Brazil’s Nu Holdings has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter.

The proposed Nubank plans to offer deposit accounts, credit cards, loans and digital asset custody.

“This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally,” David Vélez, Nu Holdings’ CEO, said in a press release. “While we remain fully focused on our core markets in Brazil, Mexico and Colombia, this step allows us to build the next generation of banking in the United States.”

Nu’s co-founder Cristina Junqueira will run the U.S. bank. Roberto Campos Neto, former president of the Central Bank of Brazil, will serve as chairman.

Nu Holding, which applied with the OCC last September, will focus on fully capitalizing the bank within the next 12 months and opening within 18 months.