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Nubank Gets Green Light for US Banking
30 Jan
Summary
- Nubank received conditional approval for a US national bank license.
- The approval allows Nu Holdings to perform some banking activities in the US.
- The new US entity will operate under the name Nubank NA.
Nu Holdings Ltd., the Latin American fintech company widely known as Nubank, has achieved a critical milestone with preliminary approval to operate in the United States. The Office of the Comptroller of the Currency has conditionally granted the company a national bank license. This development represents Nubank's first foray into the U.S. market, the largest globally.
The newly approved entity will be established as Nubank NA. This conditional license paves the way for the fintech giant to begin offering certain banking activities within the United States, signifying a major strategic expansion for the company.
The approval comes as a result of Nubank's efforts to penetrate the competitive U.S. financial landscape. Establishing a national bank license is a prerequisite for such an undertaking, and this conditional approval is a significant step forward.
