Brazil might not be an apparent place to search for the way forward for retail banking. But in simply over a decade Nubank, primarily based in São Paulo, has reworked its residence market by providing low cost, branchless banking to thousands and thousands of shoppers 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 12 months’s determine. Having conquered Brazil, and with the nation’s economic system now struggling, it has set its eyes on new markets.
