Nubank Enters U.S. With Lead Bank Partnership
Nu, the Brazilian fintech behind Nubank, has spent 13 years building Latin America’s largest digital bank, serving more than 140 million customers across Brazil, Mexico and Colombia. Its U.S. push tests whether its low-fee, mobile-first model can travel to a wealthier but crowded banking market. Nu applied to the Office of the Comptroller of the Currency for a national bank charter in 2025 and won preliminary conditional approval in January 2026, with Federal Reserve and Federal Deposit Insurance Corp. clearances still pending.
Nu began U.S. operations on Sept. 10, 2026, using FDIC-insured Lead Bank as its sponsor bank while completing the charter process. The initial suite includes a deposit account paying 3.50% APY, fee-free domestic and international transfers, and a no-annual-fee credit card offering unlimited 1.5% cash back. Remittances initially cover Brazil, Mexico and Colombia. U.S. CEO Cristina Junqueira expects the chartered bank to begin operating next year, while CEO David Velez said profitability could take several years; Nu’s second-quarter net profit exceeded $1 billion.
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The history behind this eventNubank Posts First $1 Billion Quarterly Profit
Nubank has grown into the world’s largest digital bank by using a mobile-first, low-cost model to reach customers across the Americas, including markets long underserved by traditional lenders. Crossing the $1 billion quarterly profit threshold marks a significant milestone, showing that its expanding customer base is translating into stronger earnings and giving the company greater financial capacity to pursue growth beyond its established markets.
Nubank reported net profit of $1.1 billion for the second quarter of 2026, up 49% from the same period in 2025 and above $1 billion for the first time. The company is continuing to broaden its footprint across the Americas and plans to enter the United States within the next 12 months by establishing a banking subsidiary, taking its digital model into one of the world’s largest and most competitive financial markets.
Nubank's 2025 Revenue Rises 45% as Digital Bank Plans U.S. Expansion
Brazilian fintech Nubank serves customers in Brazil, Mexico and Colombia through a low-cost digital banking model, reaching 131 million customers worldwide by the end of 2025. The company uses AI to improve credit underwriting and risk-based pricing, helping expand its credit card and lending businesses. Its planned U.S. entry marks an important step in its push beyond Latin America to become a global digital banking platform.
Nubank said on February 25, 2026, that 2025 revenue totaled $16.3 billion, up 45% year on year on a currency-neutral basis. Its credit portfolio reached $32.7 billion, an increase of 40%. The company applied for a U.S. banking charter in September 2025 and received conditional approval from the Office of the Comptroller of the Currency in January 2026. It must complete capitalization within 12 months and open for business within 18 months, while approvals from the FDIC and Federal Reserve remain pending.
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