We are advising Nubank on its application to the OCC

Davis Polk is advising Nu Holdings Ltd. (Nubank) on its application to the Office of the Comptroller of the Currency (OCC) to charter a de novo national bank in the United States, Nubank, N.A. If approval of the de novo national bank charter is granted, 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 nation-wide. Nubank, N.A.’s products and services will be supported by an intuitive app interface, multi-lingual and proactive customer service, and cutting-edge technology and credit analytics. Nubank, N.A. plans to bring Nubank’s customer focus, nimbleness and digital acuity into the framework of an OCC-supervised national bank.

Nubank is one of the largest digital financial services platforms in the world, serving over 122 million customers across Brazil, Mexico and Colombia. Guided by its mission to reduce complexity and empower people, Nubank provides its customers with accessible, affordable and easy-to-use financial products.

The Davis Polk financial institutions team includes partners David L. Portilla and Byron B. Rooney, counsel Danjie Fang and associates Mary Jane Dumankaya and Abigail Barney. Partner William A. Curran is providing tax advice. Partner Frank Azzopardi, counsel Mikaela Dealissia and associate Ted (Edward) Talas are providing intellectual property advice. All members of the Davis Polk team are based in the New York office.

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