Nu Wins Conditional Approval to Become a U.S. Bank

The most valuable digital bank in the world has officially planted its flag on American soil.

In a regulatory milestone that signals a massive shift in the global fintech hierarchy, Nu (the parent company of the new entity Nubank) has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a U.S. national bank charter.

For years, Nu has been the dominant force in Latin America, banking over 100 million customers in Brazil, Mexico, and Colombia. Now, they are coming for the U.S. market—and unlike most fintechs, they aren't renting someone else's license. They are building their own bank.

The "Golden Ticket"

Why does this charter matter? Because in the U.S., a national bank charter is the ultimate "moat."

Most U.S. fintechs (Chime, Current, etc.) operate as middleware; they build a fancy app but rely on a partner bank (like Bancorp or Stride) to hold the deposits and move the money. This is expensive and operationally limiting.

With a national charter, Nu can:

1. Lower Costs: Hold its own deposits directly, drastically reducing its cost of funds.

2. Lend Directly: Underwrite loans across state lines without navigating a patchwork of 50 different state regulators.

3. Export the Model: Replicate its low-cost, high-efficiency operating model (Nu’s cost to serve a customer is roughly $1, vs. $50+ for a traditional bank) in the world's largest economy.

The "Conditional" Caveat

The "Conditional" tag means Nu isn't open for business tomorrow. They still have to meet specific capital requirements, build out compliance teams, and pass final operational checks before the OCC hands over the keys. This is a standard part of the de novo bank process (similar to what Varo and SoFi went through).

The Sleeping Giant Wakes Up

US neobanks should be nervous. Nu has something they don't: Profitability at scale.

While many US competitors are still burning cash to acquire users, Nu is a profit machine in Brazil. They have the war chest to play the long game in the US. If they can translate their "fanatical" customer loyalty from São Paulo to San Francisco, the US banking oligopoly is about to face one of its most dangerous challengers yet.