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Brazil: The challenge that fintechs need to overcome in the fight with the big banks

In the first nine months of 2022, digital banks Nubank, Original, Mercado Pago, Pagbank and C6 Bank were responsible for creating 40% of new bank accounts. Despite their strong representation, these institutions still have low penetration in the credit market.

In a report released at the end of October, based on data released by the Central Bank, the analysis team at UBS BB highlighted that the level of customers with credit in these banks is 25%, but that there is a large discrepancy between them.

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