Nu Holdings, the fintech behind Latin America's most valuable lender Nubank, is exploring moving its legal headquarters to the United Kingdom as part of a planned global expansion. CEO David Velez stated that the decision is driven by long-term growth strategies and the UK's position as a potential hub. While the move is being considered, Velez emphasized the uncertainty surrounding tax changes and their impact on jurisdiction choices. Velez also expressed optimism about the potential for Nubank to enter the US market under the new administration, citing favorable regulatory developments towards fintech and cryptocurrencies. He highlighted the need for regulatory streamlining in the US banking sector to attract new entrants. While Europe is seen as a significant market, it's not a priority for immediate expansion due to existing regulatory and competitive challenges.
, the fintech that created Latin America’s most valuable lender in Nubank , is considering moving its legal domicile to Britain ahead of a global expansion that may include the United States, its founder and CEO David Velez told Reuters.
If Nu Holdings goes ahead with moving its legal base to Britain, a move Bloomberg said the bank was considering in a report citing sources last November, it will be a significant coup for the country in the post-Brexit financial landscape. “With the U.S. getting on board, fintech and crypto are back,” Velez said. “When an administration suddenly sees fintech as being good for consumers and more competition, that makes it more attractive.”
While Europe is a relevant market from a size perspective, Velez said it is not a priority for Nubank to launch services, given the regulatory and competitive environment. Instead, he said a potential European domicile could serve as a legal presence from which to manage the group and recruit talent.
FINTECH GLOBAL EXPANSION REGULATION UK NUBANK
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