Key facts
- Nubank launched financial products in the U.S. on Thursday.
- Initial offerings include high-yield savings accounts, credit cards, and remittances.
- Nubank is partnering with FDIC-insured Lead Bank for deposit accounts.
- Savings accounts will offer a 3.50% yield.
- Credit cards will feature 1.5% cashback and no fees.
- Customers will also be able to trade digital assets like bitcoin and ethereum.
Brazilian digital bank Nubank is expanding into the U.S. market, launching a suite of financial products through bank partners. The offerings, which include high-yield savings accounts, credit cards, and remittance services, began on Thursday. Nubank is partnering with FDIC-insured Lead Bank to provide deposit accounts yielding 3.50% and a no-fee credit card with 1.5% cashback. The company also plans to allow customers to trade digital assets, such as bitcoin and ethereum. Nubank's U.S. bank charter application was conditionally approved by the OCC in January and is currently undergoing review by the Federal Reserve and FDIC. In the interim, Nubank will operate via a partner-bank model, with co-founder Cristina Junqueira leading the U.S. business from Miami. Nubank sees a significant global opportunity to bring its digital-only banking model to the U.S., a market it considers huge and aims to reach beyond its initial target of Latin American expats.