Nu to focus on fully capitalizing U.S. bank institution within 12 months

Nu announced that it has received conditional approval from the Office of the Comptroller of the Currency of the United States for the formation of a de novo national bank, Nubank, N.A. Nu has now entered the bank organization phase, which involves satisfying specific OCC conditions alongside pending required approvals from the FDIC and the Federal Reserve. During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months, as required by regulators, the company stated. “Receiving federal approval for a national bank charter is a significant step in our journey to becoming a solid, compliant, and competitive regulated institution in the US. We look forward to delivering the transparent, efficient financial experiences already trusted by more than 127 million customers around the world to our future customers in the US,” said Nu’s co-founder Cristina Junqueira, CEO of the emerging U.S. business.