Brazilian FinTech giant Nubank just declared war on US neobanks with a national bank charter application 🏦🇺🇸; Brex launches instant stablecoin payments for corporate cards 🪙💳

FinTech is Eating the World, 1 October

Hey Everyone,

Good morning & happy Wednesday! Today, all eyes are on Brazilian FinTech giant Nubank, which just declared war on US neobanks with a national bank charter application (why it’s a huge move for NU, why US banks should worry & what’s next + bonus deep dive into NU 0.00%↑, Chime and SoFi inside), and Brex that just pioneered instant stablecoin payments for corporate cards (what’s the USP here & why it matters for stables & FinTech industry per se + bonus dive into Brex’s biggest competitor Ramp & the ultimate list of stablecoin resources inside). So let’s just jump straight into the finnovative stuff 🌶️

Brazilian FinTech giant Nubank just declared war on US neobanks with a national bank charter application 🏦🇺🇸

The news 🗞️ Brazilian digital banking powerhouse Nubank NU 0.00%↑has just submitted an application to the Office of the Comptroller of the Currency for a national bank charter in the United States 🏦🇺🇸

This filing represents a strategic inflection point for $77 billion Latin American FinTech, which currently serves nearly 123 million customers across Brazil 🇧🇷, Mexico 🇲🇽, and Colombia 🇨🇴.

Let’s take a deeper dive into this, understand why it’s huge, and what’s next for NU (& its competition).