Nubank Secures Brazilian Banking License Through Banco Porto Real Acquisition
Nubank has received approval from Brazil's Central Bank to acquire Banco Porto Real de Investimentos S/A, clearing a regulatory step that will allow the digital financial services company to obtain a banking license in its largest market. The transaction, first announced in July, also addresses requirements governing how financial institutions identify their business activities and services under Brazilian regulations.
The company serves approximately 120 million customers in Brazil and 140 million across all its markets. With the acquisition approved, Nubank can retain its established brand name while adding a banking license to its existing operations in payments, credit, financing, investments and securities brokerage.
Banking License Addresses Brazil's Naming Requirements
The approval is significant in the context of Joint Resolution No. 17, issued on November 28, 2025, by Brazil's Central Bank and the National Monetary Council.
The regulation requires financial institutions to use names and terminology that accurately communicate the nature of their businesses and the services they are authorized to provide. It seeks to prevent companies from using names that could suggest they conduct activities outside their permitted scope, reinforcing transparency and reducing the risk of misleading consumers.
Obtaining the banking license through Banco Porto Real allows Nubank to continue operating under its existing name while complying with the regulatory framework.
Livia Chanes, Nubank's CEO for Brazil and Latin America, said the approval supports the company's approach to customer trust and transparency.
“Trust is built on transparency and respect for the people who choose Nubank. The banking license continues that path and reinforces our commitment to those who stand by us and to the national financial system,” Chanes said.
Brazil Remains Nubank's Largest Market
Nubank has invested 45 billion reais, equivalent to approximately $7.9 billion, in Brazil. Its services reach one in every five adults in the country, providing access through its app to financial accounts, credit products and cryptocurrency investments.
During its third-quarter financial results presentation, the company reported that it served 65% of Brazil's adult population. Customer activity increased for a seventh consecutive quarter, reaching a record 86.3% in the country.
The figures underline Brazil's importance to Nubank as it expands its regulated financial activities and seeks to deepen its relationship with existing customers.
Nubank Expands Its Banking Strategy in the United States
The Brazilian approval comes as Nubank pursues expansion in the United States. In September, the company announced plans to enter the market after receiving conditional approval from the Office of the Comptroller of the Currency in January.
Its U.S. expansion involves a partnership with Kansas City-based Lead Bank, through which Nubank plans to provide services under a bank partner model.
The company has also introduced Nu Global, a USDC-based account designed to let customers transfer money across borders and make cryptocurrency payments using an associated credit card.
Cristina Junqueira, Nubank co-founder and CEO of Nu U.S., said the company aims to become a primary banking provider for customers in the country.
“We want to earn the place of being people’s primary banking relationship, and capturing even a small share of the U.S. market will be transformative for our business,” Junqueira said.
source: news.bitcoin
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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