Digital Bank Nubank Hits 100M Customers in Brazil, Surpasses Traditional Giant Itaú

Nubank, the digital banking upstart, has overtaken Itaú Unibanco to become Brazil’s third-largest bank by customer count. The Central Bank of Brazil’s latest ranking reveals Nubank’s impressive feat of amassing over 100 million customers, surpassing Itaú’s 98 million.

The fourth quarter of 2024 saw Nubank reach 100.770 million customers, while Itaú stood at 98.503 million. This milestone represents a significant shift in Brazil’s banking landscape, with Nubank now serving nearly half of the country’s 216 million population.

Caixa remains the leader with 154.165 million customers, followed by Bradesco at 109.110 million. Banco do Brasil and Santander complete the top six with 78.075 million and 68.852 million customers respectively.

This development marks a turning point in the ongoing rivalry between Nubank and Itaú. The two banks have been competing for the title of Latin America’s most valuable bank since Nubank’s 2021 IPO on the New York Stock Exchange.

Their battle continues to shape the region’s financial sector. Nubank’s rise reflects the growing preference for digital banking services in Brazil. Traditional banks now face the challenge of adapting to evolving consumer expectations.

Customers increasingly demand user-friendly, tech-driven financial solutions. Interestingly, the Central Bank’s ranking also sheds light on customer satisfaction. Nubank boasts the lowest complaint rate among the top 15 banks, with just 12.22 complaints per million customers.

This contrasts sharply with PagBank-PagSeguro, which leads the list with 79.26 valid complaints per million customers. As Nubank and Itaú continue their fierce competition, the Brazilian banking sector is witnessing a transformation.

In short, this shift towards digital-first services and the emphasis on customer satisfaction are reshaping the financial landscape, with potential ripple effects across Latin America’s economy.