Brazil could not be an apparent place to search for the way forward for retail banking. But in simply over a decade Nubank, based mostly in São Paulo, has remodeled its dwelling market by providing low-cost, branchless banking to hundreds of thousands of consumers ignored by the large gamers. Its market worth of $56bn leaves it vying with Itaú Unibanco for the title of Latin America’s largest financial institution. In 2024 Nubank made $2bn in revenue, double the earlier yr’s determine. Having conquered Brazil, and with the nation’s financial system now struggling, it has set its eyes on new markets.
