Nu Holdings Considers UK Domicile for Global Expansion
Nu Holdings Ltd., parent company of Latin America's leading digital bank Nubank, is exploring a shift in its legal domicile to the United Kingdom. The move is part of the company's global expansion strategy, which includes a potential entry into the United States market.
"As we plan our global expansion over the next decade, we're evaluating jurisdictions that align with our long-term vision," said David Velez, founder and CEO of Nu Holdings. The UK is a strong contender, he added, despite uncertainties brought by recent tax changes.
Nubank has amassed over 100 million customers in Brazil, Mexico, and Colombia since its inception in Sao Paulo over a decade ago. The company seeks to capitalize on the changing regulatory landscape in the United States under the new Trump administration, which has indicated a more favorable stance towards digital assets.
"With the US embracing fintech and crypto, it presents an opportune moment for Nubank to enter the market," Velez said.
While Europe remains a significant market, Nubank prioritizes other regions due to regulatory and competitive factors. The potential European domicile would provide a legal presence for group management and talent acquisition.
Nubank's recent investment in Singapore-based Tyme Group, which serves 15 million customers in South Africa and the Philippines, signals its interest in emerging markets. "There are many similarities between these markets and Brazil and Mexico," Velez said.
While no immediate plans for new market entries are in place, Nubank anticipates making a move within the next 18-24 months.