Nubank seeks Brazil banking licence through Banco Porto Real deal

Nubank plans to acquire Banco Porto Real de Investimentos to obtain a Brazilian banking licence, the digital financial services group said in a July 20 press release. The transaction, which requires approval from Brazil’s central bank, would add a bank licence to Nubank’s existing regulatory permissions in its largest market.

Banco Porto Real de Investimentos is a bank that provides credit to wholesale clients, according to Nubank. After completion, Nubank said it would hold that institution’s banking licence alongside the permissions it already uses in Brazil, including licences as a payment institution, a credit, financing and investment company, and a securities brokerage company.

The deal gives Nubank a direct route to licensed bank status in Brazil through an acquisition rather than a new standalone authorisation process. A banking licence permits the regulated entity to conduct activities reserved for banks, subject to central bank oversight and the conditions attached to the approval.

Nubank said customers in Brazil should not expect operational changes from the proposed transaction. The company said its app, products, services, brand and institutional name will remain the same.

Regulatory context in Brazil

Nubank said in December 2025 that it intended to secure a banking licence in Brazil in 2026 to comply with a new rule issued by the Central Bank of Brazil and the National Monetary Council. PYMNTS reported at the time that the rule prevents nonbank companies from using the word “bank” in their brands.

The Brazilian market remains the centre of Nubank’s business. The company’s website says its digital financial services platform serves 135 million customers across Brazil, Mexico and Colombia. Nubank said in the July 20 release that it serves 115 million customers in Brazil alone.

David Vélez, Nubank’s founder and global chief executive, said in the release that Brazil is where the company began and remains its main focus. He said the market still offers room for Nubank to expand its share and continue changing the financial sector.

Livia Chanes, Nubank’s Latin America chief executive, said in the same release that the company would seek to deepen customer relationships and broaden its range of services while maintaining its focus on simplicity.

Latin America leadership and Mexico authorisation

The Brazil licence plan follows a series of regional moves by Nubank in July. On July 15, the company said it had named Chanes chief executive for Latin America, expanding her responsibilities beyond her continuing role as chief executive of Nubank Brazil.

Vélez said in that announcement that bringing the region under Chanes’ leadership followed Nubank’s validation of its business model in Brazil. He said similar obstacles to financial inclusion remain across Latin America and that Nubank now has the team and operating record to address them more quickly.

Nubank also said on July 10 that Nu Mexico, its Mexican operation, had received authorisation to begin operating as a bank. The company said Nu Mexico then had 30 calendar days to complete its transformation into a bank.

This story draws on original reporting from PYMNTS.