What's launching and why now
At an event in Miami on Thursday, Nubank said it would not wait for full authorization to begin U.S. operations. Instead, it will roll out services via Lead Bank while the OCC reviews its banking license application. Chief Executive Officer and co-founder David Vélez said the company moved faster because approvals can take time, even as he described the regulatory backdrop as having become more favorable to banks during the Trump administration. "We began to work on this project with Lead Bank before we had decided to apply for a banking license," he said.
The OCC is currently evaluating Nubank's application. In January, the agency issued a conditional approval, at which point the company still anticipated a 2027 U.S. start.
What customers can get at launch
Nubank's U.S. debut features a deposit account paying 3.5% annually, no-fee domestic and international transfers, and a no-fee credit card returning 1.5% cashback on purchases. It is also introducing a global account that lets customers move funds to and from over 35 countries, including places where it does not yet operate such as Argentina. Funds in that account convert into digital U.S. dollars or euros and accrue interest.
Fintechs lean on interest rates to win users in the crowded U.S. market. Nubank's 3.5% compares with 4% at Happen Bank and 3.4% at Marcus, according to Bankrate. Average costs should be about 1 dollar per customer, U.S. CEO and co-founder Cristina Junqueira told reporters after the event.
When new services appear, keeping your long term financial goals in view helps. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
She said more offerings would follow once Nubank secures its own license. "There are some things on our business plan, such as personal loans and crypto assets," Junqueira said.
Scale, strategy and the long game
Founded in São Paulo in 2013 by Vélez, Junqueira and Ed Wible, Nubank built its business with an all-digital, low or no fee approach across Latin America. It is a staple in Brazil and growing in Mexico and Colombia, with more than 140 million clients using its purple cards and app. By comparison, Britain's Revolut is seeking a wider foothold in the Americas as it aims for 100 million users globally by mid 2027, and its valuation is nearly double Nubank's.
Citi estimated in March that Nubank could build a 10 billion dollar U.S. credit book by 2030 if it captures 1% of certain credit lines across Florida, California and Texas. That would be about a quarter of its total credit portfolio reported in the second quarter this year, at 39.4 billion dollars. "We're playing the long game," he said. "It's going to require a decade plus, this is not something that's going to happen overnight."
Why this matters for your wallet
The pitch is straightforward: a stated 3.5% yield on deposits at launch, no fees on domestic and international money transfers, a no-fee credit card with 1.5% cashback, and a global account to move funds across more than 35 countries while earning interest. If you regularly send or receive money abroad or want a digital-first setup with clearly posted rates and fees, this is one more option to compare.
Steady habits and a thoughtful approach protect and grow your savings over time. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
