Best bank: Nubank
The definition of excellence in these Euromoney awards is multifaceted. Sometimes the best bank is the one that has innovated and changed the market, sometimes the momentum in the market deserves recognition and at other times the player that dominates in terms of scale and profitability is the winner. It’s not often all three, but in Brazil, Nubank has revolutionized the retail banking market while enjoying unprecedented growth that has begun to feed – thanks to its highly efficient operating model – into operational leverage that is driving market-leading profitability.
AfE 2024
Led since it was launched in 2013 by David Velez, Nubank has been a banking story that has demanded attention around the world. The bank has recently powered through the 100 million customer threshold, the vast majority from Brazil. In 2023 the bank added 19 million clients, with net monthly ‘adds’ in Brazil of 1.3