Nu Holdings Launches US Banking Operations With Global Account

Latin American digital banking giant Nu Holdings officially entered the United States retail market, launching its multi-currency Nu Global account via a partner bank model while awaiting final regulatory approval for its national bank charter. The rollout targets a market where consumer banking fees total billions annually, pitting the digital lender against established domestic institutions.

"This is the next chapter of something we started thirteen years ago in a small house in São Paulo. Since our founding, we have believed that consumer-obsessed digital banking is the future of retail banking globally, and after proving this hypothesis with over 140 million fanatical customers in Latin America, we are excited to start executing our thesis beyond our core region," said David Vélez, Founder and CEO of Nu, in a statement regarding the launch.

Partner Bank Model and Charter Status

Nu received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in January 2026. While pursuing its full charter application, the company is initially offering U.S. banking services through a partner bank model, with customer deposits held at FDIC-insured Lead Bank, according to an Investing.com report.

The digital account is available across more than 35 countries. The core Nu Account provides a 3.50% APY yield on U.S. dollar deposits, while the Nu Global feature converts deposits into USDC or EURC stablecoins, offering yields of 3.50% APY and 2.20% APY respectively.

"The combination of our customer centricity and our fully mobile banking model allows us to pass on efficiencies straight back to our customers, all in service of building the best everyday mobile banking solution," said Cristina Junqueira, Co-Founder and CEO of Nu US.

Market Sizing and Fee Pressures

Nu's entry into the world's largest financial services market arrives as domestic consumers face significant retail banking costs. According to market data coverage, the U.S. retail banking sector generated approximately $1.2 trillion in revenue from 2019 to 2024, during which time traditional banks charged consumers an estimated $82 billion in annual fees.

In public markets, Nu Holdings (NYSE: NU) traded at $14.62, down 2.66% from its previous close of $15.02, as of September 11, 2026, according to Finnhub market data.

What Is at Stake for Retail Banking

By leveraging stablecoin infrastructure and a partner bank framework, Nu aims to replicate the growth model that captured over 140 million customers across Latin America. The success of the U.S. expansion will test whether a mobile-first challenger can capture deposit share from incumbent domestic institutions by undercutting traditional fee structures and offering competitive digital yields.