Brazil will 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 remodeled its house 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 12 months’s determine. Having conquered Brazil, and with the nation’s economic system now struggling, it has set its eyes on new markets.
