Nubank has received conditional approval from the Office of the Comptroller of the Currency to set up a U.S. national bank. The Brazilian fintech, founded in 2013, aims to capitalize the new institution within a year and open its doors within 18 months. It plans to offer services like deposit accounts, credit cards, lending, and digital asset custody. Nubank intends to establish U.S. hubs in Miami, the San Francisco Bay area, northern Virginia, and the North Carolina research triangle. With around 127 million customers across Brazil, Mexico, and Colombia, Nubank is stepping into a fragmented U.S. banking market. Co-founder Cristina Junqueira will lead U.S. operations, while Roberto Campos Neto, a former president of Brazil's Central Bank, will chair the board. Junqueira highlighted the significance of the national bank charter in becoming a compliant and competitive player in the U.S. market. CEO David Vélez emphasized this move as a chance to validate their digital-first, customer-centric model. The OCC processed Nubank's application in just 121 days, signaling a shift towards quicker approvals for bank charters. Michele Alt from Klaros Group noted this could encourage more financial innovators. The number of charter applications submitted to the OCC last year matched the total from the previous four years, suggesting a growing interest in new bank formations. This trend aligns with regulators' goals to foster competition and innovation in the banking sector. Meanwhile, Dutch neobank Bunq and U.K. neobank Revolut are also exploring U.S. charters, reflecting the increasing activity in this space.