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MarketBeat
MarketBeat
Chris Markoch

NU Stock: U.S. Bank License May Be the Next Growth Catalyst

NU Nu Holdings United States MarketBeat

On Sept. 30, Nu Holdings Ltd. (NYSE: NU) announced that it had applied for a national bank license in the United States. This is part of the Brazilian-based company’s strategic plan to evolve from a regional platform to a global model.

NU stock is up about 1.3% since the announcement, suggesting that investors are wary of buying the rumor. Even with a favorable regulatory environment in the U.S., it typically takes a minimum of 12 months for the United States to approve a bank charter. For example, it took SoFi Technologies Inc. (NASDAQ: SOFI) about 18 months to be approved for its charter.

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