Nubank vs Revolut: The $90 Billion Race to Conquer American Banking

Feb 4, 2026 - 05:00

Brazil’s fintech giant just secured US bank approval — and now the fight for digital banking supremacy moves to the world’s most competitive market

Quick Answer

Is Nubank bigger than Revolut? Yes. Brazil’s Nubank is currently valued at approximately $90 billion with 127 million customers, compared to Revolut’s $75 billion valuation. Nubank received conditional US bank charter approval in January 2026 and plans to launch American operations within 18 months. Revolut has yet to complete its IPO. Both fintechs are racing to become the dominant global digital bank, with the US market emerging as the decisive battleground.

The race to become the West’s most valuable digital bank has reached its most critical phase. Two fintech giants — one forged in the chaos of Brazilian banking, the other in post-Brexit London — are converging on the same prize: the United States.

Nubank has drawn first blood. The São Paulo-based neobank last week secured conditional approval from the Office of the Comptroller of the Currency to establish a US national bank, positioning the $90 billion company to launch deposit accounts, credit cards, lending and digital asset custody for American consumers within 18 months.

For investors tracking the global fintech landscape, this approval reshapes the competitive calculus entirely.

The Tale of the Tape

The numbers tell a striking story of divergent paths to similar destinations.

Nubank, founded in 2013 by Colombian entrepreneur David Vélez and Brazilian co-founder Cristina Junqueira, has built a customer base of 127 million across Brazil, Mexico and Colombia. The company went public on the New York Stock Exchange in 2021 and has watched its valuation climb to roughly $90 billion — making it Latin America’s most valuable financial institution, ahead of established giants like Itaú Unibanco and Banco Bradesco.

Revenue hit $4.2 billion in the third quarter of 2025, representing 39% year-over-year growth. Profitability has followed: Nubank has delivered increasing quarterly profits while maintaining an activity rate exceeding 83% — a metric that proves customers actually use the platform rather than simply downloading the app.

Revolut, founded two years later in London, has taken a different route. The British challenger bank claims over 50 million customers globally and a $75 billion valuation following its most recent funding round — a two-thirds increase over the past two years. Yet Revolut remains private, with an IPO perpetually on the horizon but never quite materialising.

The valuation gap matters. At $90 billion versus $75 billion, Nubank has established clear leadership in the race for digital banking supremacy. But valuations shift, and the American market could determine which company ultimately prevails.

Why the US Matters More Than Anywhere Else

Both fintechs have conquered their home regions. Nubank dominates Latin America’s largest economy; Revolut has established itself as Europe’s fintech champion. But neither market offers the scale, profitability and prestige that comes with succeeding in the United States.

American banking remains the world’s deepest profit pool. Despite — or perhaps because of — decades of consolidation, the sector generates returns that European and Latin American banks can only envy. Customer acquisition costs are high, but lifetime values are higher.

For Nubank, the US expansion represents a transformation from regional champion to genuine global technology company. As Vélez told the Financial Times: “The next decade is going to be around how do we go from being a Brazil bank to a global technology company that happens to be in financial services.”

The ambitions extend beyond America. Vélez has signalled plans for markets “even beyond the Americas over the next 12 to 24 months” — suggesting Nubank sees the US charter as a template for worldwide expansion.

For companies analysing digital banking business models, Nubank’s progression from Latin American disruptor to aspiring global institution offers a case study in strategic evolution.

The Regulatory Hurdle Nubank Just Cleared

Securing a US national bank charter is notoriously difficult. Foreign institutions face particular scrutiny, with regulators examining everything from capital adequacy to anti-money laundering controls to technological infrastructure.

Nubank submitted its application on 30 September 2025 and received conditional approval 121 days later — a timeline that legal advisors described as a “strong signal” that the OCC has streamlined its historically slow-moving process.

The conditional approval moves Nubank into the bank organisation phase. The company must now satisfy specific conditions, secure additional approvals from the Federal Deposit Insurance Corporation and the Federal Reserve, fully capitalise the new institution within 12 months and launch operations within 18 months.

Cristina Junqueira, Nubank’s co-founder, will serve as CEO of the US subsidiary. Roberto Campos Neto, former president of Brazil’s Central Bank, has been appointed chairman of the board — a governance choice designed to signal regulatory credibility.

The company plans to establish hubs in Miami, the San Francisco Bay Area, Northern Virginia and the North Carolina Research Triangle — a geographic footprint that targets both Latin American diaspora communities and technology talent pools.

Revolut’s American Challenge

Revolut’s US ambitions have proven more complicated.

The company has offered American customers a limited product set for years, but a full banking licence has remained elusive. Revolut applied for a US bank charter in 2021 — and continues to wait. The contrast with Nubank’s relatively swift approval highlights how regulatory outcomes can diverge dramatically based on factors ranging from application quality to timing to political environment.

Revolut’s pending IPO adds another layer of complexity. Going public would provide capital for aggressive expansion but also subject the company to quarterly earnings pressure that might constrain the patient investment required to build a US banking franchise.

For those following European fintech expansion strategies, Revolut’s American struggles underscore how regulatory barriers can neutralise technological advantages.

What Nubank Will Offer American Customers

Once fully approved, Nubank’s US operations will include deposit accounts, credit cards, lending products and — notably — digital asset custody.

The crypto offering distinguishes Nubank from traditional banking entrants and signals intent to capture younger, digitally native customers who have embraced both neobanks and cryptocurrency. This positioning aligns with regulatory shifts under the current US administration, which has adopted a more permissive stance toward digital assets.

Nubank’s core proposition — low fees, intuitive mobile interfaces and rapid customer service — will face its sternest test against American incumbents and domestic challengers like Chime, SoFi and Marcus by Goldman Sachs. Unlike Latin America, where traditional banks remained wedded to high-fee, branch-heavy models, US digital banking is already fiercely competitive.

The company’s track record suggests confidence is warranted. Nubank has consistently demonstrated ability to acquire customers efficiently, cross-sell products effectively and operate at costs that legacy banks cannot match. Whether these capabilities transfer to a developed market remains the central question.

The Bigger Picture: Fintech Goes Global

Nubank’s US expansion and Revolut’s continued global push reflect a maturing fintech industry where regional dominance no longer satisfies investor expectations.

The first generation of digital banks disrupted domestic incumbents. The second generation must prove these models can scale across borders, regulatory regimes and customer cultures. Those that succeed will join the ranks of truly global financial institutions; those that fail will remain large but ultimately limited regional players.

For Nubank, the stakes could not be higher. Success in America would validate the thesis that digital-first, customer-centric banking represents the future of financial services everywhere. Failure would suggest that emerging market growth stories face hard ceilings when confronting developed market competition.

Vélez appears undaunted. The company’s conditional approval arrived alongside announcement of a Formula 1 partnership with Mercedes-AMG Petronas — the kind of global brand-building exercise that signals ambitions extending far beyond Brazil.

The race between Nubank and Revolut will ultimately be decided by execution rather than valuation. But with US regulatory approval now in hand, Nubank has established an early lead that Revolut must answer.

Extended Reading

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

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