Nu Holdings Ltd. (NYSE:NU) is one of the best stocks to buy under $20. On September 30, Nubank announced that it had applied for a national bank charter with the Office of the Comptroller of the Currency/OCC of the US. This action is a preparatory stage supporting Nubank’s long-term vision of expanding its customer-centric, tech-driven digital banking platform beyond Latin America, with the ultimate goal of evolving its regional platform into a global model.
This pursuit positions the company to unlock new possibilities within the US financial landscape. Founder and CEO of Nu Holdings, David Vélez, noted that while the core focus remains on delivering growth in its existing markets, the charter application will help Nubank better serve its existing customers based in the US and, in the future, connect with others who could benefit from its products and services.
A national bank charter from the OCC would support Nubank’s ability to innovate responsibly and scale efficiently in the US market, eventually allowing it to offer deposit accounts, credit cards, lending, and digital asset custody. This strategy reflects the compliance-first mindset established in its current operations in Brazil, Mexico, and Colombia.
Nu Holdings Ltd. (NYSE:NU) provides a digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the US.
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Disclosure: None. This article is originally published at Insider Monkey.
