Key Takeaways
- Nubank secured a Brazilian banking license, allowing it to legally keep its name under new regulations.
- The license solidifies its dominance in Brazil, where it invested $7.9B and serves 65% of adults.
- Nubank also expanded to the US and launched Nu Global, a USDC account for cross-border crypto payments.
Nubank Receives Banking License in Brazil Through Acquisition
Nubank, one of the largest digital banks in Latam, is ready to become a bank in Brazil, its largest market in the region.
The company, with 120 million customers in Brazil and 140 million across all markets, has announced that it received approval from the Central Bank of Brazil to complete the acquisition of Banco Porto Real de Investimentos S/A, a transaction announced in July. The transaction allows Nubank to deal with a pending compliance issue regarding Joint Resolution No. 17, issued on November 28, 2025, by the Central Bank and the National Monetary Council
The resolution establishes that financial institutions must use terms that clearly inform about the type of business they conduct and the services they offer, avoiding names suggesting activities they aren’t authorized to conduct to reinforce market transparency and avoid misleading consumers.
Consequently, the company can maintain its Nubank name, adding the banking license to its payment institution, credit, financing, investment, and securities brokerage activities while complying with fintech regulations in the country.
Livia Chanes, CEO of Nubank for Brazil and Latin America, stressed the relevance of receiving this license for the company.
“Trust is built on transparency and respect for the people who choose Nubank. The banking license continues that path and reinforces our commitment to those who stand by us and to the national financial system,” she declared.
Brazil is Nubank’s main market, where the company has recently invested 45 billion reais ($7.9 billion), reaching 1 in every 5 adults and allowing them to have access to account credit and crypto investments via its app.
During its Q3 financial results, Nubank disclosed that it serves 65% of the adult population, with activity rising for the seventh consecutive quarter to a record 86.3% in Brazil.
In September, the company announced an expansion into the U.S. after receiving conditional approval from the Office of the Comptroller of the Currency in January, partnering with Kansas City-based Lead Bank to offer its services under a bank partner model.
Leveraging its presence in these jurisdictions, Nubank launched Nu Global, a USDC-based account that allows users to move money across borders and pay with crypto with an associated credit card. “We want to earn the place of being people’s primary banking relationship, and capturing even a small share of the U.S. market will be transformative for our business,” said Cristina Junqueira, co-founder and CEO of Nu U.S.
