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 reworked its house market by providing low-cost, branchless banking to thousands and thousands of consumers ignored by the massive gamers. Its market worth of $56bn leaves it vying with Itaú Unibanco for the title of Latin America’s greatest 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.