Nubank Launches Initial U.S. Products Via Partner Bank While Awaiting Federal Charter
Brazilian fintech giant Nu Holdings launched its first consumer financial products in the U.S. through an interim partnership with Lead Bank, offering high-yield savings and a cashback card as it continues to seek full federal bank approval.
The Brazilian digital bank Nu Holdings, which operates under the name Nu, has launched an initial set of consumer financial products in the United States, utilizing an interim partner-bank model as it works toward securing a full U.S. bank charter. The company, the largest fintech in Latin America, announced its entry with a high-yield savings account offering a 3.50% APY and a no-annual-fee credit card with 1.5% unlimited cashback, challenging established U.S. digital and traditional banking providers.
The launch is being executed through a partnership with the FDIC-insured Lead Bank, which holds customer deposits and manages regulated services. This arrangement allows Nu to begin acquiring customers and testing its low-fee, high-convenience model in the highly competitive U.S. market while remaining compliant with U.S. banking regulations. The product set also includes international money transfers, with a focus on remittance corridors to Brazil and Mexico, a natural starting point given the company’s massive existing customer base of over 140 million across Latin America.
The company’s path to becoming an independent U.S. bank remains a work in progress. Nu received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for the formation of a de novo national bank, Nubank, N.A., in January 2026. However, it still requires final regulatory approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) before it can transition from the partner-bank setup to a fully chartered operation.
Leading the U.S. charge is co-founder Cristina Junqueira, who relocated to spearhead the division. The company's U.S. ambitions are also backed by its board chairman, Roberto Campos Neto, the former president of the Central Bank of Brazil. Nu’s immediate offerings, which also include crypto trading features for Bitcoin and Ethereum, are designed to attract consumers with a compelling digital experience, betting that the success seen in Latin America can be replicated in the U.S.
Nu’s choice to enter with a high APY on savings and competitive cash back on a credit card is a direct attempt to draw customers quickly, but this partner-bank model means the company must share revenue and compliance responsibilities, which may dilute unit economics. CEO David Vélez has indicated that achieving profitability in the U.S. market may take several years, but the long-term goal is to migrate to the full charter operation once all regulatory requirements are met.
What it touches
Nu Holdings, the parent company of Nubank, is listed on the New York Stock Exchange under the ticker NU. The stock was trading at $15.33 with a market capitalization of approximately $74.05 billion following the announcement of the initial U.S. product launch, placing it in direct competition with U.S.-based fintech platforms. The measured entry into the U.S. by the Brazilian powerhouse also impacts the perception of the broader Brazilian financial technology sector, where U.S.-listed competitors like PagSeguro Digital (PAGS) and Inter & Co. (INTR) are also vying for international credibility.