Nu Expands Globally with US Launch and Digital Nomad-Focused Product
Nu, one of the largest Latin American banks, has launched its operations in the US and internationally. The institution partnered with Kansas City-based Lead Bank to introduce its services under a bank partner model.
The move marks a new chapter for Nu, which has been focused on Latin America since its founding. With over 140 million customers, Nu is now scaling up to bring its services to a global audience.
Nu's US operations offer high-yield accounts with a 3.50% APY on deposits paid daily, fee-free international money transfers, and a debit card. The company's credit card, partnered with Mastercard, offers unlimited 1.5% cashback without annual fees.
Through its global product, Nu Global, the company targets digital nomads with estimated borderless lives of around 300 million. The account uses USDC and EURC stablecoins to offer yields of 3.50% APY and 2.20% APY for US and euro currencies respectively.
Nu's founder and CEO, David Velez, stated that the company aims to become people's primary banking relationship in the US market.