Nubank Opens in the United States, but Not as a Bank
Key Facts
Latin America’s largest digital bank has arrived in the United States on somebody else’s banking licence. The interesting part is what the account is built on.
Nubank announced US retail accounts and a multi-currency product called Nu Global on 10 September 2026. Banking services are provided by Lead Bank, not by Nubank itself.
What Was Launched
Two things went out together. The first is a US retail offering with a debit card, a high-yield savings account and a credit card.
The second is Nu Global, a multi-currency digital account. It allows fee-free transfers across more than 35 countries.
The advertised yield runs up to 3.50% a year.
Nu Global is built on two stablecoins, USDC and EURC. That is the genuinely novel part and most summaries skip it.
A stablecoin is a token designed to hold a fixed value against a currency, in this case the dollar and the euro.
Live Company IntelligenceNu Holdings Ltd — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$11.2052-wk high
$18.98
Revenue trend · 6y
Ownership
Dividend
Why It Is Not a Bank Launch
Nubank’s own disclaimer is explicit. It says Nu is a financial technology company, not a bank.
Banking services are provided by Lead Bank, a member of the Federal Deposit Insurance Corporation.
That arrangement is called a partner-bank model, and it is common among American fintech companies.
The practical effect is that Lead Bank holds the deposits and the regulatory obligations.
Describing this as Nubank beginning US banking operations overstates what happened.
The Licence It Does Not Yet Have
Nubank applied to the Office of the Comptroller of the Currency for a national bank charter in September 2025.
It received preliminary conditional approval in January 2026, for an entity called Nubank, National Association, in McLean, Virginia.
Two things are still missing. Deposit insurance from the FDIC has not been granted, and it has no Federal Reserve account.
Until both arrive, the charter is not operational. The company cannot take deposits on its own licence.
That is why the partner-bank structure exists, and it is a stepping stone rather than a destination.
What the Company Said
Founder David Vélez called it the first milestone of a multi-decade journey.
His stated ambition is positioning Nu as the leading digital bank in the world.
Cristina Junqueira, a co-founder who now runs the US business, was more concrete.
She said the company wants to earn the place of being people’s primary banking relationship.
Neither claim is a forecast anyone can check. They are statements of intent, and worth reading as such.
Where This Sits in the Company’s Cycle
Nubank built its business in Brazil, then Mexico and Colombia. The United States is a different kind of market.
It is entering the most crowded consumer banking market in the world, without a licence of its own.
The stablecoin base is the differentiator it is betting on, aimed at people who move money across borders.
That describes a large share of this publication’s readers, which is why the product is worth understanding rather than dismissing.
The Downgrade That Landed the Same Week
On 16 September, Itaú BBA cut Nubank from outperform to market perform. It lowered its target from US$20 to US$18.
Several accounts described this as a sector downgrade. That is not what happened.
The bank trimmed estimates across its banking coverage but downgraded only Nubank.
Bradesco kept its outperform rating and was the only large Brazilian bank the house still rated a buy.
The reasoning was slower growth, fading stimulus to consumption, inflation risk from oil, and possible central bank measures on high-cost credit.
It expects earnings growth of 14% in 2027 against 32% in 2026, leaving little room for negative surprises.
What the Share Price Actually Did
On the day of the product launch, 10 September, the shares closed at US$15.02, up 0.13%.
On the day of the downgrade, 16 September, they closed at US$13.81, down 2.68%.
That extended a run of three consecutive daily declines. The stock is roughly 15% lower so far this year.
It sits well below its 52-week high of US$18.98.
Three separate downgrades have landed on the stock this year, from three different houses. They should not be conflated.
What It Means If You Are a Customer
If you hold a Nubank account in Brazil, Mexico or Colombia, nothing about it changes.
If you open the US account, your deposits are held by Lead Bank and covered by its federal insurance, not by Nubank.
If you use Nu Global, you are holding value in stablecoins. That is a different risk profile from a bank deposit.
Stablecoins depend on the reserves and governance of their issuers, and they are not covered by deposit insurance.
None of that makes the product unsound. It does mean the word account is carrying two quite different meanings.
Frequently Asked Questions
Is Nubank now a US bank?
No. It operates through a partner-bank model, with banking services provided by Lead Bank, and its own charter is not yet operational.
What is Nu Global?
A multi-currency digital account built on the USDC and EURC stablecoins. It offers fee-free transfers across more than 35 countries and a yield of up to 3.50%.
Are US deposits insured?
Deposits are held by Lead Bank, which is a member of the Federal Deposit Insurance Corporation. Balances held in stablecoins through Nu Global are not deposits.
Did Itaú BBA downgrade the whole banking sector?
No. It cut estimates across its coverage but downgraded only Nubank, and kept Bradesco at outperform.
Sources: Nubank, the launch announcement, InfoMoney, the Itaú BBA revisions, Investing.com, the Nubank downgrade, Exame, the house’s coverage of the cut
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times