Ramp × Nubank

The Lightweight Global Play via Stablecoin Rails
Strategic Blueprint
Follow-up: Daniel & Szymon
March 2026
Confidential

Nubank built the most successful digital bank in the Western hemisphere. 131 million customers, three countries, 13 years of deep regulatory work. The ambition is bigger than LatAm. The question is how to go global without going deep, without losing what made Nubank trusted. Stablecoin rails are the answer. This is the playbook.

The 13-Year, 3-Country Problem

Nubank's model is deep. Banking licenses, lending products, full credit stacks, built country by country. That depth is a competitive moat, but it's also a speed constraint. Entering a new market takes years of regulatory negotiation. Meanwhile, Revolut and blockchain-native players are expanding shallowly across dozens of markets in months. A stablecoin-based wallet inverts the equation: launch globally with a lightweight, self-custodial product that doesn't require local banking licenses. Users hold USD-backed stablecoins, not local deposits. No balance sheet exposure. No branch infrastructure. The deep model stays in LatAm. The shallow model goes everywhere else. Nubank already has millions of customers holding digital assets in Brazil and a curated crypto product that deliberately avoids the meme-coin exchange model. The infrastructure for money movement on stablecoin rails is the next step, especially with the US market opening up.

Three Beachhead Experiments
Experiment 1: Brazilian Diaspora
Why It Works
Nubank's brand already resonates with Brazilians abroad. You speak their language: not just Portuguese, but the product language they already trust. Offer zero-fee remittances back to family Nubank accounts, settled on stablecoin rails. Every transfer is a product demo for the receiving end. The US banking license amplifies this: the US is the world's largest remittance sender, and the US–Brazil corridor is one of its biggest flows.
What Ramp Provides
Fiat on/off-ramp infrastructure across 150+ countries. Local payment methods (open banking, cards, SEPA, Faster Payments) already integrated. Regulatory coverage in US, UK, and EU to complement Nubank's LatAm licenses. Launch the diaspora wallet in weeks, not quarters.
Experiment 2: First Regulated Stablecoin Bank
Why It Works
If Nubank launches this year or next, it would be a first mover: a fully regulated institution offering a stablecoin-based banking product. No meme coins, no DeFi complexity, just a clean USD savings and spending experience with better yield than local banks, cheap cross-border transfers, and a card that works everywhere. Trust plus innovation. This directly answers the "why would a European choose Nubank" question: because no regulated bank is doing this yet.
What Ramp Provides
We are building exactly this product on our own infra: a lightweight stablecoin-based wallet in open beta, built on Stellar. We dogfood our own APIs. Nubank can inherit a proven, live architecture instead of building from scratch, and leverage our existing Stellar partnership alignment.
Beachhead Experiments (Cont.)
Experiment 3: B2B Cross-Border Corridors
Why It Works
Target companies with links to Brazil: importers, exporters, cargo movers, anyone who moves money across LatAm borders. Offer 24/7 settlement, instant currency hedging, and stablecoin-based treasury management. Nubank's brand credibility with Brazilian businesses is unmatched. B2B provides high-value, recurring volume with lower regulatory surface area than consumer banking.
What Ramp Provides
Multi-PSP routing, open-banking integrations, and compliance infrastructure across 150+ countries. Production-grade KYC/KYT, fraud detection, and case management already battle-tested at $2B+ annual volume.
The Distribution Pipeline
Ramp is embedded inside MetaMask, Trust Wallet, Ledger, and World App. These integrations aren't white-label; crypto wallets hand users over to Ramp because they don't want to get regulated themselves. This creates a live pipeline: hundreds of thousands of new, KYC'd users every month. These are digital-first, affluent, crypto-forward customers who are happy to pay for financial services. In a deeper arrangement, Nubank's brand replaces Ramp's inside these integrations. Instead of "Ramp powering MetaMask," it becomes "Nubank powering MetaMask," in markets where it makes sense. Users onboard to a Nubank-branded wallet in one click. KYC is done. Payment method is there. Combined with Ramp's existing 10M accounts and Nubank's 131M, this creates a global customer acquisition machine at near-zero CAC.
Why Ramp vs. Bridge, dLocal, BVNK
Bridge
(Stripe)		 dLocal / BVNK
(B2B-first infra)		 Internal Build
(Nubank alone)		 Ramp
Geographic strength US-centric; weak in EU, Asia, parts of LatAm Strong LatAm B2B; limited consumer BR, MX, CO only today 150+ countries, strong EU/UK/US + LatAm
Consumer experience B2B API layer; no end-user product B2B-first; limited B2C Best-in-class (in LatAm) Live B2C wallet + 10M users; dogfoods own APIs
Distribution pipeline None (API-only) None 131M LatAm customers MetaMask, Trust Wallet, Ledger, World App + 100Ks monthly new users
Stellar alignment No No Existing partnership Active Stellar partnership; shared roadmap
Strategic optionality Owned by Stripe; not acquirable Public/large; complex N/A Absorbable size; built for deeper alignment
Time to pilot Months (US focus, limited scope) Months (custom integration) 18–30 months 8–12 weeks (proven infra, live product)
What Ramp Brings to the Table
Licensing & Compliance
FCA MLR-registered (UK), FinCEN (US) with 40+ state MTLs, and a live Irish CASP authorisation passported across the EU, plus a Brazilian entity. Clean regulatory history. This is the localization and local rails layer that makes the lightweight global play actually work.
Live Consumer Product
Our direct-to-consumer stablecoin wallet is in open beta, built on Stellar, using the same APIs we'd offer to Nubank. We've already solved the UX, compliance, and payment rail problems. 10M KYC'd accounts across 100+ countries.
Technology Stack
Multi-PSP payment routing, open-banking integration, swaps, card issuing hooks, and operational compliance (KYC/KYT, fraud detection, case management). Processing $2B+ annually. We consume our own APIs. Issues get solved before they reach partners.
Distribution Access
Embedded inside MetaMask, Trust Wallet, Ledger, Sorare, World App. These integrations pipe hundreds of thousands of high-value users monthly. In a deeper arrangement, Nubank's brand can replace Ramp's in target markets, turning this pipeline into Nubank's global customer acquisition engine.
Engagement Model: Start Light, Go Deep

Phase 1: Pilot

8–12 weeks

Launch a Nubank-branded stablecoin wallet in one or two test markets outside LatAm. Ramp provides the full infrastructure: on/off-ramp, compliance, payment rails, Stellar integration. Nubank provides the brand, the product vision, and the diaspora user base. Test all three beachhead experiments in parallel. Measure what resonates.

Diaspora remittances (US/EU → Brazil) on stablecoin rails
Regulated stablecoin savings + spend product for new markets
B2B cross-border corridors for Brazil-linked businesses

Phase 2: Strategic Deepening

Quarters 2–4

Based on pilot results, expand the partnership. Swap Ramp's brand for Nubank's inside wallet integrations (MetaMask, Trust Wallet, Ledger). Activate the distribution pipeline. Coordinate with Stellar on ecosystem expansion. Explore whether absorbing Ramp's infrastructure makes strategic sense for Nubank's long-term global footprint.

Nubank-branded integrations across major crypto wallets
Joint Stellar ecosystem strategy
Full distribution pipeline activation (10M existing + ongoing monthly flow)
Strategic alignment discussion (Ramp is of a size Nubank can absorb)
Next Steps
MNDA exchange and light VDR with Ramp's metrics, TPV, and revenue data. Parallel conversation with Nubank's digital assets BU to align on product priorities. Working session to map licensing overlap, model pilot economics, and demo the live wallet architecture. We can move as fast as you want to.
Ramp × Nubank / Confidential March 2026