Brazil’s leading digital bank, Nubank, is currently in discussions with the new UK government regarding a potential relocation of its legal domicile to the United Kingdom, as reported by Bloomberg.
These discussions were part of broader agreements forged between the UK and Brazil at the recent G20 leaders’ summit held in Rio de Janeiro. Nubank’s parent company, listed on the New York Stock Exchange, is presently headquartered in the Cayman Islands, although any shift in legal domicile would not impact its corporate headquarters, which is set to remain in São Paulo.
Nubank stated, “We are consistently reviewing our corporate legal framework to ensure it aligns with our operational footprint. At this moment, no definitive decision has been made regarding the redomiciliation of Nu Holdings Ltd or any associated legal entities.”
The newly elected Labour government in the UK is actively seeking to attract technology firms and investors, with Chancellor of the Exchequer Rachel Reeves recently emphasizing fintech as a crucial area for growth and development.
Nubank, a major player in the fintech sector, launched eleven years ago and initially focused on credit cards. The firm now boasts over 100 million customers in Brazil and a growing presence in Mexico and Colombia. In 2023, Nubank achieved impressive financial results, reporting a net profit of $1 billion and revenues exceeding $8 billion.