We advised Nu on the preliminary conditional approval from the OCC

Davis Polk advised Nu Holdings Ltd. in obtaining preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Nubank, N.A., a de novo national bank based in McLean, Virginia. Nu has now begun the bank’s organizational phase, which involves satisfying specific OCC conditions for final approval and obtaining related approvals from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. Upon launch of operations, Nubank, N.A. will offer simple and transparent financial products, including demand deposit accounts, credit cards, digital asset custody and ancillary services, and lending to customers nationwide. Nubank, N.A.’s products and services will be supported by an intuitive app interface, multilingual and proactive customer service, and cutting-edge technology and credit analytics.

Nu is one of the largest digital financial services platforms in the world, serving over 127 million customers across Brazil, Mexico and Colombia. Guided by its mission to reduce complexity and empower people, Nu provides its customers with accessible, affordable and easy-to-use financial products.

The Davis Polk financial institutions team included partners David L. Portilla, Gabriel D. Rosenberg and Byron B. Rooney, counsel Danjie Fang and Kendall Howell and associates Mary Jane Dumankaya, Lucas Siegmund and Abigail Barney. Members of the Davis Polk team are based in the New York and Washington DC offices.

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