Nu launches U.S. services after receiving OCC approval

Nu launches U.S. deposit accounts, credit cards and international transfer services through Lead Bank, and also introduces stablecoin accounts that support 35 countries.

Nu has officially launched its deposit accounts, debit cards and credit card services in the United States, and expanded its business through international transfer functions. These services are provided through a partnership with Lead Bank, a cooperative bank underwritten by the Federal Deposit Insurance Corporation (FDIC). At the same time, Nu has also launched a global account service based on stablecoins, which is currently available in more than 35 countries.

U.S. Market Access and Cooperation Model

Nu chose to enter the U.S. market with a cooperative bank structure because its own National Bank license still requires further approval from regulators. Currently, Nu is not a licensed bank in the United States. The bank account services and Nu credit cards it provides are provided by Lead Bank, a member institution of the FDIC.

Nu applied to establish Nubank, N.A. in September 2025, On January 29, 2026, it obtained conditional approval from the Office of the Comptroller of the Currency (OCC), allowing the company to enter the banking organization stage. However, conditional approval does not mean that Nubank, N.A. Banking business can be carried out independently. Nu must meet OCC conditions and obtain necessary approvals from the Federal Reserve and FDIC before it can officially operate. The company previously stated that it would need to complete capital injection within 12 months and open a bank within 18 months. CEO Cristina Junqueira expects the bank to start operations in 2027.

US Account Product Details

Nu's U.S. accounts offer competitive yields and annual fee free credit cards designed to attract early users:

• High-yield savings accounts: NU Account offers an annualized percentage return (APY) of 3.50% on each available fund. Interest is calculated daily and credited to the account. This interest rate is valid as of September 10 and may change after an account is opened.
• Unlimited Cash Back Credit Card: Nu partnered with Mastercard to launch a metal World Elite credit card that does not include annual fees. In the initial stage, all purchases can enjoy an unlimited cash rebate of 1.5%.
• Advanced Reward Plan: For eligible customers, the cash rebate rate will be increased to 2%. In addition, customers who hold Nu accounts and credit cards and have completed at least three eligible card transactions in the past 34 days can enjoy a 4.50% APY savings rate on the balance portion of up to US$10,000. Balances above $10,000 will continue to enjoy the standard interest rate.

In addition to basic deposit and withdrawal functions, Nu accounts also support domestic transfers and international transfers to Brazil, Mexico and Colombia, and will be expanded to more destinations in the future. Users can also set savings goals while maintaining immediate liquidity of funds.

Nu Global: International financial services based on stablecoins

As an independent product line, Nu Global provides multi-currency digital account services to users in more than 35 countries and regions around the world. The core feature of this product is to convert customer deposits into stablecoins:

• stablecoin conversion: Funds deposited by customers will be converted to USDC (stablecoin pegged to the U.S. dollar) or EURC (stablecoin pegged to the euro).
• Yield: Nu claims that USDC balances provide variable daily returns equivalent to 3.50% APY, and EURC balances provide returns equivalent to 2.20% APY. It should be noted that the announcement did not clearly state the source of income, the custodian entity and whether these balances are subject to deposit insurance.
• Cross-border payment advantages: Users can use virtual MasterCard to make purchases and enjoy a preferential foreign exchange rate without a premium. Transfers between supporting countries are free of service fees.
• Coverage areas: The markets initially supported include most EU countries (such as Germany, France, Italy, Spain, etc.) and many Latin American countries (such as Argentina, Chile, Peru, Uruguay, etc.).

It should be noted that stablecoins are digital assets designed to track the value of a reference currency, but they are not equivalent to insured bank deposits. Therefore, Nu Global should be distinguished from the U.S. Nu accounts provided through Lead Bank. In addition, the product allows users to hold and trade some digital assets, including Bitcoin and Ethereum, but the specific token list, custody arrangements and fee table have not yet been announced.

Financial Performance and Market Background

Nu's entry into the U.S. market comes at a time when its performance hits a record high. In the second quarter of 2026, Nu achieved a net profit of US$1.06 billion, exceeding the US$1 billion mark for the first time, an increase of 49% from the same period last year (after currency neutral adjustment), exceeding market expectations. Total revenue for the quarter reached US$5.88 billion, a year-on-year increase of 39%. Risk-adjusted net interest margin increased to 12.4% from 9.9% in the same period last year.

Currently, Nu has more than 140 million customers in Brazil, Mexico and Colombia. Among them, Brazil is its largest market, covering more than 60% of the adult population; in Mexico, Nu claims to be the largest digital bank; in Colombia, its deposits rank fourth among the country's financial institutions.

David Vélez, founder and CEO of Nu, described the release as the beginning of a "decades-long journey away from Latin America." He emphasized that even occupying only a small portion of the U.S. market would have a transformative impact on his business. Currently, Nu has not announced specific customer, deposit or revenue targets for new U.S. businesses.