Nubank has announced its intention to obtain a banking license in Brazil.

The move brings a banking institution within the Nubank group and complies with Joint Resolution No. 17, issued by the Central Bank and the National Monetary Council, which standardises brand name usage for regulated entities.

Nubank’s brand and visual identity will remain unchanged.

The announcement will not affect clients, and all operations will continue as normal. Nubank serves more than 110 million customers in Brazil.

“Nubank was founded 12 years ago and has been responsible for the inclusion of 28 million individuals in the financial system. Our identity and mission to simplify our customers’ lives will remain the same,”

said Livia Chanes, CEO of Nubank in Brazil.

Nubank currently operates under all necessary licenses as a Payment Institution, a Credit, Financing and Investment Company, and a Securities Brokerage Company.

The inclusion of a banking institution within the group does not materially change additional capital or liquidity requirements, and the company’s financial solidity and resilience remain unchanged.

The decision reflects Nubank’s ongoing compliance with applicable regulations.

It will allow the group to expand its regulated activities while maintaining its existing operations.

Featured image credit: Edited by Fintech News Switzerland, based on image by Samuel Costa Melo via Unsplash