Nubank Strikes Bank Deal to Secure Brazilian License

Nubank plans to secure a Brazilian banking license through its acquisition of Banco Porto Real de Investimentos, a bank that extends credit to wholesale clients, the company said in a Monday (July 20) press release.

The acquisition is subject to approval by Brazil’s central bank, according to the release.

Once the acquisition is complete, Nubank will add Banco Porto Real’s banking license to the other licenses under which it already operates. Those include Payment Institution; Credit, Financing and Investment Company; and Securities Brokerage Company licenses, per the release.

Nubank said in December 2025 that it planned to obtain a banking license in Brazil in 2026 to comply with a new rule issued by Brazil’s central bank and National Monetary Council.

It was reported at the time that the new rule prevents nonbank companies from using the word “bank” in their brands.

Nubank’s digital financial services platform serves 135 million customers across Brazil, Mexico and Colombia, according to its website. In Brazil alone, it serves 115 million, per the Monday press release.

Nubank’s customers in Brazil will see no changes, as the company’s app, products, services, brand and institution name will remain the same, the release said.

“Brazil is where Nubank was born, grew and proved that fairer, simpler financial services are possible at scale,” David Vélez, founder and global CEO of Nubank, said in the release. “Thirteen years later, it remains our main focus, a market where we can still signficantly expand our share and continue driving the transformation of the sector.”

Livia Chanes, Nubank Latam CEO, said in the release: “Our DNA of innovation remains intact, and we are committed to deepening our relationship with every customer, offering more solutions with the same simplicity that has always defined us.”

Nubank announced in a July 15 press release that it named Chanes CEO for Latin America. This move expanded Chanes’ role at the company, where she already held, and continues to hold, the position of CEO of Nubank Brazil.

Vélez said in the release that after Nubank validated its business model in Brazil, unifying the region under Chanes’ leadership is a natural next step.

“The same barriers that limited financial inclusion in Brazil still persist across Latin America,” Vélez said. “Now we have the tools, the team and the track record needed to overcome them faster.”

Nubank announced July 10 that its Mexican operation, Nu Mexico, received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank.