Billionaire’s US Banking Ordeal Fuels Her Mission to Disrupt It

TL;DR

Cristina Junqueira, Nubank co-founder, struggled to get a credit card after moving to Miami last year with her family.[[1]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system)[[2]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?j=111137&sfmc_sub=15935172&l=1227_HTML&u=8787001&mid=546014653&jb=158&sfmc_id=15935172)
Her US bank account took months to open, highlighting flaws even for a billionaire.[[3]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?srnd=homepage-americas)
This experience reinforces her push for Nubank's US expansion after winning conditional OCC approval in late January.[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank)[[5]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?srnd=phx-technology)

The story at a glance

Cristina Junqueira, billionaire co-founder of Brazil-based Nubank, faced unexpected hurdles opening a basic bank account and getting a credit card after relocating to Miami last year. Nubank, which serves more than 60% of Brazil's adult population and holds over $40 billion in deposits there, got conditional approval from the US Office of the Comptroller of the Currency in late January to form Nubank, N.A.[[5]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?srnd=phx-technology)[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank) The article profiles how her personal banking frustrations fuel Nubank's drive to disrupt the rigid US system with its digital model. Junqueira now leads the US effort from Miami, targeting underserved customers including Latin American expats.

Key points

Junqueira, a former Itaú Unibanco credit card executive, co-founded Nubank in 2013 to fight high fees and poor service in Brazil; it now has over 127 million customers across Latin America.[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank)
After moving to Miami with her husband and four kids last year (2025), she struggled with US private banking despite her wealth, as the process dragged on for months.[[1]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system)[[3]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?srnd=homepage-americas)
Nubank applied for a US national bank charter on September 30, 2025, and received conditional OCC approval on January 29, 2026—121 days later—allowing eventual deposits, credit cards, loans, and digital asset custody.[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank)[[6]](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2026/ca1362.pdf)
The new bank, Nubank N.A., lists Junqueira as CEO and board member; former Brazil central bank head Roberto Campos Neto as chairman; board also includes ex-OCC acting head Brian Brooks.[[6]](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2026/ca1362.pdf)
Nubank plans US hubs in Miami (for LatAm expats), Bay Area, DC area, and North Carolina; it already has 150+ US staff and sponsors Inter Miami CF stadium as "Nu Stadium."[[7]](https://www.americanbanker.com/news/nubank-co-founder-cristina-junqueira-sets-sights-on-u-s-market)

Details and context

Nubank started as a no-fee purple credit card in Brazil, upending incumbents like Itaú with simple digital access; it now dominates with low-cost products tailored to underbanked users.[[8]](https://www.forbes.com/profile/cristina-junqueira) Junqueira's Miami ordeal echoes the bureaucracy she fought in Brazil, where Nubank captured adults tired of endless paperwork—even she recalls similar waits there.

The US charter needs final FDIC and Fed nods, full capitalization within 12 months, and opening within 18; conditional status means no operations yet.[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank) Initial focus: LatAm migrants in places like Miami (home to 13% of US Brazilians) who know the brand.

Nubank's scale—$16.3 billion revenue in 2025, up 45%—gives it firepower, but US incumbents dwarf it; success hinges on proving its model works amid tougher rules.[[9]](https://www.linkedin.com/posts/the-future-of-banking_inter-miami-cf-secures-nubank-as-naming-rights-activity-7435045533641195523-q2BP)

Key quotes

“That took months,” Junqueira said of her US private banking process.[[3]](https://www.bloomberg.com/news/articles/2026-04-13/nubank-mogul-s-bank-ordeal-fuels-her-goal-to-take-on-us-system?srnd=homepage-americas)

Why it matters

Nubank's US entry could shake up digital banking by importing a proven low-friction model to a market plagued by fees and complexity, even for the wealthy. For consumers and expats, it promises easier access to cards, deposits, and crypto custody without legacy hassles; investors eye growth beyond Latin America's 131 million users. Watch for full regulatory approvals and launch timeline, expected within 18 months but subject to FDIC/Fed review and market tests.[[4]](https://international.nubank.com.br/company/nu-secures-approval-to-establish-us-national-bank)