By Brazil Stock Guide – The balance of power in Brazilian banking is shifting again. According to the latest Customer Complaints Ranking from the Central Bank, the country’s ten largest institutions together now serve nearly 760 million accounts, a number inflated by the rise of digital wallets and payment platforms.
While the traditional giants — Caixa, Bradesco, Itaú, Banco do Brasil and Santander — still dominate the top tier, fintechs like Nubank, PicPay and Mercado Pago have become indispensable players in the financial lives of millions of Brazilians.
Nubank surges past 109 million clients
Nubank’s ascent remains the standout story. The digital lender expanded its customer base by 11.7 million accounts in one year, reaching 109.3 million users in the third quarter of 2025 — a 12% increase over 2024. That makes it the third-largest financial institution in the country, ahead of Itaú and approaching Bradesco’s 110.4 million.
Unlike traditional banks, Nubank’s expansion has been powered by a combination of low-cost acquisition, aggressive credit card and savings growth, and new lending products aimed at small businesses. Analysts say the company’s scale is approaching “network effects” that rival those of social media platforms. “Nubank has become a lifestyle brand for banking,” says one São Paulo-based fund manager. “The question now is profitability per user, not reach.”
Fintech acceleration reshapes the middle tier
Two other fintechs made outsized gains. Mercado Pago — the payments arm of e-commerce giant Mercado Libre — grew 16.3% year-on-year to 66.1 million customers, consolidating its position as Brazil’s seventh-largest financial institution. Meanwhile, PicPay, now decoupled from Banco Original after a corporate restructuring, surged to 65.6 million customers, up nearly 6.9 million in a year.
Together, these two platforms have added over 16 million users since last year — equivalent to the entire client base of Santander Chile. Their rapid growth underscores how non-bank players are capturing segments once dominated by traditional lenders: small merchants, gig workers, and consumers seeking low-friction payment and cashback options.
Traditional banks hold ground but grow slowly
Brazil’s five largest legacy banks — Caixa Econômica Federal, Bradesco, Itaú, Banco do Brasil, and Santander — continue to anchor the market with close to 520 million accounts combined. Caixa remains the clear leader, with 157.4 million clients, a marginal 1.2% increase from 2024, reflecting its dominant role in social programs and low-income lending.
Bradesco and Itaú also expanded modestly, while Banco do Brasil gained 3.4 million customers (+4.4%) on the back of its digital modernization push and payroll lending. Yet for all their scale, the big banks’ growth rates now trail those of their digital challengers — and their complaint indices remain higher, revealing a tension between legacy infrastructure and customer experience expectations.
Inter leads mid-cap growth; PagBank consolidates
Among mid-tier players, Inter and PagBank/PagSeguro continue to consolidate their niches. Inter expanded its base by 18.1% to more than 40 million clients, bolstered by cross-selling within its digital ecosystem of retail, investments, and travel. PagBank, in turn, rose to 33.7 million clients, reflecting steady growth after years of volatility.
These two names illustrate the post-fintech maturity phase of Brazil’s banking evolution — platforms that started as disruptors but are now expanding into full-service financial ecosystems, blending payments, credit, and investments.
The race for deposits and data
The figures highlight a new dynamic: market share is now measured less in branches than in apps. As digital players mature, competition is increasingly about engagement and deposits per customer, not just reach. Analysts expect this trend to intensify as the Central Bank pushes for greater interoperability through the Open Finance framework.
| Rank (2025) | Institution | Clients 3Q24 | Clients 3Q25 | Variation (Abs) | Variation (%) |
|---|---|---|---|---|---|
| 1️⃣ | Caixa Econômica Federal | 155,564,626 | 157,475,727 | +1,911,101 | +1.2% |
| 2️⃣ | Bradesco | 108,709,671 | 110,494,968 | +1,785,297 | +1.6% |
| 3️⃣ | Nu Pagamentos (Nubank) | 97,624,655 | 109,315,016 | +11,690,361 | +12.0% |
| 4️⃣ | Itaú | 99,170,086 | 100,248,541 | +1,078,455 | +1.1% |
| 5️⃣ | Banco do Brasil (BB) | 77,486,517 | 80,883,474 | +3,396,957 | +4.4% |
| 6️⃣ | Santander | 68,807,361 | 69,660,783 | +853,422 | +1.2% |
| 7️⃣ | Mercado Pago | 56,906,694 | 66,179,957 | +9,273,263 | +16.3% |
| 8️⃣ | PicPay / Banco Original | 58,741,124 | 65,633,305 | +6,892,181 | +11.7% |
| 9️⃣ | Inter | 33,931,240 | 40,066,015 | +6,134,775 | +18.1% |
| 🔟 | PagBank / PagSeguro | 32,633,574 | 33,715,297 | +1,081,723 | +3.3% |
Read more: Fintech vs Bank: Counting the tax
Leave a Reply