Brazilian digital lender Nubank has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a bank in the United States, the company said in a securities filing on Thursday.
* Nubank applied for a national banking license in the U.S. in September as it looks to expand beyond (link) Latin America.
* The digital lender still needs the necessary approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), the company said.
* The banking license would allow Nubank to offer deposit accounts, credit cards, loans and custody of digital assets to U.S. customers, the lender said.
* Nubank said it is now in the "bank organization phase" and is working to meet other OCC conditions while it awaits the additional approvals.
* "During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months," it said.
Source: reuters.com
