Nubank, one of Latin America's largest digital banks, has received approval from Brazil's Central Bank to complete its acquisition of Banco Porto Real de Investimentos S/A, securing a banking license in its largest market.
The transaction resolves a compliance issue stemming from Joint Resolution No. 17, issued in November 2025 by the Central Bank and National Monetary Council. The resolution requires financial institutions to use names that clearly indicate their type of business and authorized services to ensure market transparency and prevent consumer confusion.
The banking license allows Nubank to maintain its corporate name while expanding its existing payment institution, credit, financing, investment, and securities brokerage activities. Livia Chanes, CEO of Nubank for Brazil and Latin America, said the license reinforces the company's commitment to transparency and the national financial system.
Brazil accounts for the bulk of Nubank's operations. The company has invested 45 billion reais ($7.9 billion) in the country and serves 65% of the adult population, according to its Q3 financial results. This represents one in every five Brazilian adults with access to banking services, account credit, and crypto investments through its app.
Beyond Brazil, Nubank expanded into the United States in September after receiving conditional approval from the Office of the Comptroller of the Currency in January. The company operates in the U.S. under a bank partner model with Lead Bank, a Kansas City-based institution.
Nubank launched Nu Global, a USDC-based account that enables cross-border money transfers and cryptocurrency payments with an associated credit card, leveraging its presence in Brazil and the United States.
