Nu the Brazilian digital bank most South Floridians know as Nubank, and many now know from Inter Miami's Nu Stadium began offering banking products to U.S. customers on Thursday. The launch was announced from Miami, where the company bases its American operation.
The opening lineup is narrow: a deposit account paying 3.50% APY, a no-annual-fee Mastercard credit card with 1.5% cashback, and fee-free money transfers that start with Brazil, Mexico and Colombia. Sign-ups opened the same day at nu.com.
That last item is the piece with the most direct local relevance though the initial corridor list is worth reading closely, because it covers Colombia but not the countries tied to several of Miami-Dade's largest immigrant communities.
What Happened
Nu Holdings (NYSE: NU) disclosed the U.S. launch in a securities filing and announced it at an event in Miami featuring founder and CEO David Vélez and Cristina Junqueira, the co-founder who serves as CEO of Nu US.
The products available now, per the company's announcement:
- Nu Account: 3.50% APY on every dollar, interest calculated and paid daily on available balance, no minimum balance to earn the rate. Includes a limited-edition metal debit card and savings goals with instant access to funds.
- Nu Credit Card: no annual fee, unlimited 1.5% cashback, issued through an exclusive relationship with Mastercard, with World Elite benefits and a metal card.
- Transfers: domestic and international money movement with no fees, in minutes, beginning with Brazil, Mexico and Colombia, and expanding to more countries later.
Two upgrades are announced but not yet live. The company says customers will "soon" be able to earn 4.50% APY on a savings goal of up to $10,000 by holding both the account and the credit card and making at least three eligible card transactions in a 34-day window; balances above $10,000 would stay at 3.50%. Cashback rises to 2% "soon" for customers meeting qualifying conditions, which the company has not detailed. (Some coverage has tied the 2% tier to setting up direct deposit; Nu's own announcement does not say that, so treat it as unconfirmed.)
One structural detail matters more than the rates. Nu is not itself a bank in the U.S. yet. Deposits are held at Lead Bank, an FDIC-insured partner, which also issues the credit card. Nu applied for a national bank charter with the Office of the Comptroller of the Currency last fall and received conditional approval in January 2026; approvals from the Federal Reserve and FDIC are still in process. Junqueira said at the Miami event she expects Nu's own bank to begin operating next year.
Where It Happened
The announcement carried a Miami dateline, and that is not incidental.
Nu's U.S. headquarters is in the Miami area. According to Refresh Miami, the company has set up a temporary office in Coral Gables and plans a permanent one there. Junqueira relocated from São Paulo to Miami to run the U.S. business. Roberto Campos Neto, the former president of the Central Bank of Brazil, chairs Nu's U.S. board of directors.
Coral Gables is not the only U.S. footprint the company also has hubs in the San Francisco Bay Area, northern Virginia and North Carolina's Research Triangle but South Florida is where the consumer-facing U.S. business is being run from.
The brand has been arriving locally for months before the products did. Nu holds the naming rights to Inter Miami's stadium, and the company has a multi-year global sponsorship with the Mercedes-AMG PETRONAS Formula One team.
What We Know So Far
Nu enters the U.S. from a position of scale rather than as a startup. The company reports more than 140 million customers across Latin America, quarterly net income above $1 billion, and return on equity above 32%. It says it serves over 60% of the adult population in Brazil, is the largest digital bank in Mexico, and ranks fourth by deposits in Colombia.
Alongside the U.S. launch, Nu introduced Nu Global, a separate multi-currency account aimed at people who move money across borders. Deposits there are converted into USDC or EURC stablecoins pegged to the dollar and euro paying 3.50% and 2.20% APY respectively, paired with a virtual Mastercard. It also allows holding and trading a limited set of digital assets including Bitcoin and Ethereum.
An important caveat on Nu Global: the company says transfers start with Europe and Latin America, and that integrations with Brazil, Colombia, Mexico and the U.S. are planned "in the months ahead." It is a different product from the U.S. Nu Account, with a different structure.
Vélez said U.S. profitability will take "a number of years," noting Brazil took eight. Growth is expected to be mainly organic, though he said the company is watching for acquisition opportunities.
Why It Matters for Miami
Three practical reasons this lands differently here than in most U.S. metros.
Remittance costs. Money sent abroad from here typically moves through storefront wire services, apps or bank wires, with costs sitting in fees and exchange-rate spreads. The World Bank data Nu cites in its own announcement puts average global losses on cross-border transfers around 6%. A no-fee option changes the comparison math but the effective cost still depends on the exchange rate applied, and Nu has not published a rate card. Note also which corridors are live: Colombia is included; Cuba, Haiti, Venezuela, Nicaragua and the Dominican Republic are not.
Brand familiarity. Nu arrives with recognition it did not have to buy locally from its Latin American customer base and from stadium and Formula One sponsorships. That is a customer-acquisition advantage most new U.S. entrants have to pay for.
A headquarters, not a branch. The U.S. business is being run from Coral Gables, which makes South Florida the decision-making center for a company with a $70 billion-range market value. Nu has not announced headcount, lease terms or a permanent-office date, so any local jobs figure at this stage would be guesswork.
What Happens Next
- Nu's national bank charter remains pending with the Federal Reserve and FDIC. Until it clears, U.S. banking services run through Lead Bank.
- Junqueira has said she expects Nu's own bank to be operating next year.
- The 4.50% APY savings goal and 2% cashback tiers are announced but not yet released; no launch date has been given.
- Additional transfer corridors beyond Brazil, Mexico and Colombia are planned but unannounced.
- Personal loans have been described as a later addition, not part of the initial suite.
- The company's permanent Coral Gables office is planned but not yet open.
What Miami Residents Should Know
If you're considering an account:
- The 3.50% APY is variable and can change at any time, including after you open the account. It is accurate as of September 10, 2026.
- FDIC insurance comes through Lead Bank, not Nu. Coverage is subject to standard limits and conditions, so confirm how your balance is titled if you hold significant deposits.
- The 4.50% rate is conditional and not yet available. Do not open an account expecting it today.
- Compare against what you already have. Several established U.S. online banks and credit unions have competed in this rate range for some time; the differentiator here is the transfer feature, not necessarily the yield.
If you send money abroad:
- "No fee" is not the same as "no cost." Ask what exchange rate is applied and compare the total dollars that land on the other end against your current provider on the same day.
- Transfers currently cover Brazil, Mexico and Colombia only. Other corridors — Haiti, Cuba, Venezuela, Nicaragua, Honduras, the Dominican Republic — are not part of the initial launch.
If you're a local business owner: Nu's U.S. offering is consumer banking. No business accounts, merchant services or business lending were announced.
FAQ
Is Nubank a real bank in the U.S.?
Not yet. Nu describes itself as a financial technology company, not a bank. Banking services and the credit card are provided by Lead Bank, which is FDIC-insured. Nu has conditional OCC approval for its own national bank charter and is awaiting Federal Reserve and FDIC review.
Can I open an account today?
Sign-ups opened September 10 at nu.com. The company said products would begin rolling out that day, and that early U.S. sign-ups may receive its limited-edition metal cards.
Is my money insured? Deposits are held at Lead Bank, a Member FDIC institution, and may qualify for FDIC insurance subject to applicable limits and conditions. That protection covers bank failure, not losses from other causes.
Can I send money to Brazil for free?
The company says domestic and international transfers carry no fees, starting with Brazil, Mexico and Colombia. Compare the exchange rate applied, since that is where cross-border costs typically sit.
Is Nu Global the same as the U.S. account?
No. Nu Global is a separate multi-currency account that converts balances into dollar- and euro-pegged stablecoins and supports transfers across 35+ countries, beginning with Europe and Latin America. U.S. integration is described as planned rather than live.
Does Nu have an office in Miami?
Its U.S. operation is based in the Miami area, with a temporary office in Coral Gables and a permanent one planned there, per Refresh Miami.
