Three Fronts, One Quarter: Nubank's Push Into Abu Dhabi, the US, and Full Banking

Nubank has launched a new regional headquarters in Abu Dhabi as part of a three-pronged international push that also includes conditional US banking approval and a domestic bid for a full Brazilian banking license. Founder and CEO David Vélez met Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to formalize plans to establish Nubank Abu Dhabi at the Abu Dhabi Global Market (ADGM) in partnership with Wio Bank, the Abu Dhabi digital banking platform. The move follows the Office of the Comptroller of the Currency’s conditional national bank charter approval in January 2026 and a bid among four finalists to acquire Banco Caixa Geral Brasil in Brazil.

"the largest quarterly gain in credit card market share in ten quarters," management said, characterizing recent traction from Nubank's AI-driven underwriting and product expansion.

Context and strategic details

According to the Abu Dhabi Media Office, Nubank Abu Dhabi will use the ADGM presence as a launchpad for expansion into Asia and the MENA region, targeting markets with low digital banking penetration and regulatory sandboxes. The ADGM entry will be carried out in collaboration with Wio Bank — described in company materials as a joint venture between Abu Dhabi’s sovereign wealth infrastructure and Etisalat — providing local regulatory expertise and distribution.

The ADGM announcement compresses into a single quarter moves that management has been pursuing for years. In January 2026 the US OCC granted Nubank conditional approval for a national banking charter; the charter is expected to be fully operational within 18 months. In Brazil, Nubank is one of four finalists — alongside Garantia Capital, MD Capital, and Sputnik LLC — bidding to acquire Banco Caixa Geral Brasil. Binding offers are expected by early June, with regulatory clearance potentially stretching into 2027.

• Customers: 131 million globally (112 million in Brazil, 13 million in Mexico, 4 million in Colombia)
• Assets under management: more than $78 billion
• 2025 net income: $2.82 billion, a 51% increase over 2024
• Credit portfolio: $32.7 billion; deposits: $41.9 billion (up 29%)
• Technology: nuFormer AI-driven credit underwriting deployed across Brazil and Mexico

Nubank’s recent commercial moves include the Nu Stadium naming rights deal with Inter Miami CF announced in March, which the company has used to broaden brand visibility as it seeks entrance into the US market. Domestically, Nubank’s admission to Febraban, the Brazilian banking federation, signals a shift from its decade-long role as a disruptive payment institution toward operating as a conventional bank alongside incumbents.

Outlook

Executives say Nubank’s technology stack, built for Brazil’s large and regulated market, is portable to markets with high smartphone penetration and underserved populations. Over the next 12 to 24 months, the company faces execution tests on three fronts: converting the OCC’s conditional charter into an operational US bank, winning regulatory approval if it acquires Banco Caixa Geral Brasil to obtain a full banking license, and establishing product and distribution footholds through ADGM and partner Wio Bank across the Middle East and Asia. How effectively Nubank can translate its Brazil-grown metrics — $78 billion in assets and $2.82 billion in net income in 2025 — into new regulatory environments will determine whether it remains a regional champion or evolves into a global digital bank.