Nu enters US market with cross-border payments

By Divya Shah

Nu, one of Latin America’s largest digital banking platforms, has launched retail banking services in the United States, marking its first expansion beyond the region. 

The launch introduces the Nu Account, a digital banking offering designed for US consumers, alongside Nu Global, a multi-currency account that enables customers to send money internationally. 

Nu currently serves more than 140 million customers across Brazil, Mexico, and Colombia. The US debut represents a significant milestone in the company’s international growth strategy as it seeks to extend its digital banking model to new markets. 

The Nu Account offers a variable 3.50% annual percentage yield (APY) on deposits, with interest credited daily. Customer deposits are held by Lead Bank, Nu’s FDIC-insured banking partner in the United States.  

In addition to savings features, the account includes a metal debit card, tools for setting and managing savings goals, and fee-free transfers to Brazil, Mexico, and Colombia. The company plans to expand the list of supported destinations over time. 

Nu is also offering customers the option to pair the account with the Nu Credit Card. Eligible users who complete qualifying transactions can increase their savings yield to 4.50% APY on savings goals balances of up to $10,000. 

The Mastercard-powered credit card carries no annual fee and offers 1.5% cashback, with rewards increasing to 2% cashback when customers meet additional qualifying requirements. 

The US launch follows Nu’s efforts to establish a deeper regulatory presence in the country. The company applied for a national bank charter from the Office of the Comptroller of the Currency (OCC) in late 2025 and received conditional approval in January 2026.  

For now, however, Nu continues to operate through a partner banking model rather than under its own charter. 

David Vélez, Founder and Chief Executive Officer of Nu, said the company’s long-term focus on customer experience, disciplined growth, profitability, and scalable operations had positioned it to take the next step in its global growth journey. 

The move strengthens Nu’s position in the increasingly competitive digital banking market and broadens its reach beyond Latin America, while enhancing its cross-border payments capabilities through the launch of Nu Global.