In September 2026, Nubank moved closer to entering the US retail banking market through a partnership with Lead Bank. With around 140 million customers globally, it is already the world’s largest digital banking platform by customer base, with roughly twice as many customers as Revolut.

That’s an impressive starting point but cracking the US is another matter.

Nubank has also received conditional approval from the OCC for a US national bank charter, with the aim of securing full approval by 2027. A full charter could give the company greater control over its US operations and a stronger foundation for competing in one of the world’s most lucrative banking markets.

Reports suggested Nubank could acquire Monzo as part of its European expansion strategy. For Nubank, that would mean an established foothold in the UK. For Monzo, it could bring the financial backing and international reach to revisit its own US ambitions, where earlier expansion efforts struggled to gain traction.

There’s an interesting irony here. Monzo and Revolut were both founded in 2015, with Monzo getting started around five months earlier. Monzo also secured its UK banking licence years before Revolut. Yet Revolut has since built a much broader international business, while Monzo remains more closely tied to its home market.

Could Nubank be the international heavyweight Monzo needs? Perhaps. But Nubank was quick to dismiss the acquisition speculation, saying it had no plans to buy the British digital bank.

Nubank has built its customer base by focusing on markets it knows.

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