Revolut has long been viewed as the most globally distributed digital bank, with 70 million customers and support across more than 150 countries and regions. Nubank is now making its own case for global expansion. David Vélez’s meeting with Abu Dhabi’s Crown Prince marked a significant step in that direction.

Nubank is setting up a new headquarters at ADGM, Abu Dhabi’s international financial centre, and will collaborate with Wio Bank. Abu Dhabi gives Nubank a strategic base between key growth corridors, while also connecting more closely to its existing stakes in Jupiter in India and Tyme Group across South Africa and the Philippines.

The presence of Roberto Campos Neto, former President of the Central Bank of Brazil and now Nubank’s Global Head of Public Policy, also matters. It signals how Nubank’s expansion model has evolved. This is no longer a company simply seeking licences market by market. It is now engaging with governments and regulators at a higher institutional level.
The strategy is becoming clear: secure a regulated foothold, place senior leadership close to the market, and build from there. Colombia received a financing company licence from the SFC. Mexico secured a banking licence from CNBV. The US received a de novo OCC charter in 121 days. Abu Dhabi now adds an ADGM headquarters and a regulated digital banking partner.

Each market has a different regulatory path. Nubank’s approach is to understand the local architecture and identify the fastest credible route to operating at scale. Behind those licences and partnerships, the company also runs technology hubs across six countries outside Brazil, creating a distributed engineering network that supports expansion across markets.

The corporate structure is evolving as well. Vélez has confirmed that Nubank is actively considering relocating its legal domicile to the UK, another sign that the company is preparing for a more global operating model.

Nubank spent its first decade proving digital banking economics in Brazil. Its next phase is about exporting that infrastructure into new markets. The US charter was an early proof point. Abu Dhabi is now another step in that globalisation strategy.