Nu Pagamentos, Nubank's payments arm, has received Central Bank of Brazil authorisation to operate in the foreign exchange market.
The approval allows Nubank to conduct foreign exchange operations directly, rather than depending exclusively on third-party partners to supply foreign currency to its customers. When approached for comment, the company did not confirm which products would be affected or provide a timeline for implementation.
A company representative stated that Nubank continuously evaluates opportunities to expand and improve its portfolio of products and services, with a focus on customer experience, adding that further developments would be communicated through official channels in due course.
The authorisation extends an international strategy the bank has pursued since 2024, when it launched a global account product in partnership with Wise Platforms. Nubank has not disclosed the number of users on this product. Separately, part of the sector also offers a non-resident account (CNR), designed for individuals living outside Brazil who need to transfer funds, manage assets, or invest in the country.
Context: the race for a banking licence
The move into foreign exchange comes as Nubank works towards a Central Bank of Brazil deadline to obtain a full banking licence. The bank currently operates under the combined structure of a payment institution and a credit company. In addition, operating its own exchange service would reduce Nubank's reliance on third parties for a function that has become significant both for customer acquisition and for revenue generation within the sector.
Foreign exchange access is increasingly viewed by digital banks and fintech companies as a route to diversify revenue streams beyond core lending and payments products, particularly as competition intensifies among providers targeting cross-border transfers, multi-currency accounts, and services for expatriate or non-resident customers. For Nubank, direct participation in the foreign exchange market could support further development of products connected to its global account and non-resident account offerings, although the company has not specified which services, if any, will be built on this authorisation.
The regulatory approval does not itself confirm the launch of a new product, but it establishes the legal basis for Nu Pagamentos to conduct such operations should the company choose to do so. Market observers may look to Nubank's progress on its separate banking licence application as a further indicator of how the group intends to structure its financial services offering in Brazil going forward.
