Brazilin digital banking giant Nubank is working with the new British government on plans to move its legal domicile to the UK, according to Bloomberg.
The plans were discussed as part of a wider set of agreements between the UK and Brazil at a Group of 20 leaders’ summit in Rio de Janeiro this week, says Bloomberg, citing sources.
The holding company of New York Stock Exchange-listed Nubank is currently based in the Cayman Islands. The bank's corporate headquarters would remain in Sao Paulo if the legal domicile change goes ahead.
“Nubank continuously reviews its corporate legal structure to align with the footprint of its operations. At this time, no decision has been made regarding the redomiciliation of Nu Holdings Ltd or any other legal entities within our group," the firm tells Bloomberg in a statement.
The new UK Labour government has been courting technology firms and investors. Last week, Chancellor of the Exchequer Rachel Reeves highlighted fintech as a key priority growth opportunity.
Nubank is a fintech juggernaut: eleven years after launching with a credit card the firm now claims 100 million customers on its home turf and many more in Mexico, and Colombia. In 2023, it posted US$1 billion in net profit and over US$8 billion in revenues.