Nu has officially entered the United States market by launching a suite of banking products through a partnership with Lead Bank. This collaboration allows the company to begin operations and collect user feedback while it continues the process of obtaining a national bank charter from the Office of the Comptroller of the Currency.
The company submitted its application for a national charter last autumn and secured conditional approval in January. Nu is currently in the bank organization phase, which requires meeting specific regulatory conditions and obtaining pending authorizations from the Federal Deposit Insurance Corp. and the Federal Reserve.
The U.S. product lineup includes the Nu Account, which offers a 3.5% APY yield, a metal debit card, a credit card, and savings tools. Customers can also perform fee-free international money transfers to Brazil, Mexico, and Colombia. Additionally, the company introduced Nu Global, a multicurrency account supporting transactions in over 35 countries.
Nu Global features a digital account where deposits are converted into USDC or EURC stablecoins. Users receive a virtual Mastercard for global spending. CEO David Vélez stated that these launches represent a significant step in the company's long-term strategy to expand its digital banking services beyond its core Latin American market.
