Can Brazil’s Nubank Match Banco Itaú? UBS Believes Not (Yet)

"Itaú is the leader in the credit card market in Brazil and is likely to be the bank to suffer most from the expansion of Nubank operations," says UBS.

RIO DE JANEIRO, BRAZIL - Nubank, the largest fintech in the country, is beginning to have the size of a large bank. The Brazilian fintech has reached a 26-million-client base, an increase of 6.3 million in the first half of the year.

Its clients are also spending more: there was an increase of 54 percent in the volume of transactions with its Subscribe to our Premium Membership Plan. Already Subscribed?