Nubank Moves Toward a U.S. Banking License: Signals and Takeaways for Mexico’s Financial Market
Nubank took a key step in its international expansion strategy after receiving a conditional approval from the Office of the Comptroller of the Currency (OCC) in the United States—the first formal green light to operate as a bank in that country. The approval places the firm in the “organizing bank” phase, a period in which it must meet specific regulatory conditions and secure pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can launch full operations.
According to information released by the company, the U.S. effort will be led by co-founder Cristina Junqueira, with Roberto Campos Neto—former president of Brazil’s Central Bank—serving as chairman of the board. The proposed roadmap calls for fully capitalizing the new institution within 12 months and opening the bank within a maximum of 18 months, a timeline that underscores that the announcement does not mean immediate operations, but it does reduce regulatory uncertainty and adds clarity to the plan.
For Mexico, the move matters for two reasons. The first is competitive: traditional banks and fintechs have stepped up the fight for card users, consumer credit, and deposits, in an environment where interest rates have stayed high for an extended period and the cost of funding has become a key differentiator. The second is strategic: an eventual banking operation in the U.S. market could diversify funding sources and strengthen the group’s technology and risk-management capabilities, with indirect effects on its Mexican operation as its regional scale evolves.
Nubank’s progress in the U.S. comes as its business in Mexico follows its own regulatory path. In April 2025, Nu México obtained authorization from Mexico’s National Banking and Securities Commission (CNBV) to become a banking institution and is still awaiting final operational approval to begin operating as a bank. In practice, for Mexico’s financial system this means closely watching how new players are brought into the regulated perimeter—especially on capital, liquidity, fraud prevention, consumer protection, and cybersecurity standards—at a time when users are rapidly shifting to digital channels.
The macro backdrop also matters. Mexico’s economy has shown resilience, supported by strong job growth and consumer spending, though with signs of cooling in some components and with private investment sensitive to global uncertainty. At the same time, nearshoring has sustained medium-term expectations in manufacturing and logistics, but translating that into more productive credit and deeper financial intermediation remains a challenge. Competition from digital banks can speed up inclusion and product offerings, but it also squeezes margins and forces higher spending on technology and compliance.
Over the next few quarters, the market will be tracking two agendas in parallel: the regulatory outcome in Mexico for Nu to operate fully as a bank, and execution of the U.S. plan under the demanding timeline for capitalization and permits. A banking presence in four countries (Brazil, Mexico, Colombia, and the U.S.) would increase operational complexity, but it could also improve income diversification. For Mexico, the main gauge will be whether greater scale translates into better credit terms, stronger competition for deposits, and a higher standard of digital experience without weakening risk management.
In sum, conditional approval in the U.S. is not the finish line, but it is a meaningful signal of regulatory progress. For Mexico’s financial ecosystem, it reinforces the shift toward a more digital and competitive banking landscape, while also putting the spotlight on funding quality, compliance, and user protection as decisive factors for sustaining growth.
