By Brazil Stock Guide – Nubank became the second-largest financial institution in Brazil by number of customers after overtaking Bradesco in the fourth quarter of 2025, according to consolidated data from the Banco Central do Brasil. The shift underscores a broader transformation in Brazil’s financial system: a digital-native institution founded just over a decade ago now operates at a scale exceeding that of long-established incumbents. During the period, Nubank reached 112 million customer links (+2.5% quarter-on-quarter), while Bradesco remained broadly flat at around 110 million (-0.02%).
The top position remains with Caixa Econômica Federal, which reported 158 million customers (+0.4%), supported by its nationwide footprint and the administration of social-benefit programs. The remainder of the Top 10 includes Itaú, with 100 million customers (+0.1%), Banco do Brasil at 82 million (+1.4%), and Santander, which reached 71 million (+1.5%).
Growth during the quarter was even more pronounced among digital platforms and payments-focused institutions. Mercado Pago expanded to 68.8 million customers (+4.0%), closely followed by PicPay with 67.0 million (+2.0%). Inter posted the fastest growth rate within the Top 10, reaching 42 million customers (+4.7%), while PagSeguro rounded out the group with 34 million (+0.7%).
The figures are drawn from the central bank’s registries that consolidate customer links across financial institutions, a category that includes banks, payment institutions and digital platforms. They measure the number of customer relationships, not the volume of deposits, assets under management or credit extended. In many cases, accounts are opened primarily for payments, card access or low-cost transfers, involving limited balance volumes and reduced credit exposure.
The distinction has gained relevance after regulatory changes introduced by the Banco Central, which tightened the use of the word “bank” (“banco”) in corporate branding. Under the updated rules, only institutions formally licensed as banks may use the term, prompting fintechs and payment companies either to adjust their naming conventions or to seek a different regulatory classification. As a result, much of the recent growth captured in the rankings reflects financial institutions operating at bank-like scale, but not always under a traditional banking license.
“This move reflects more than organic growth; it signals a meaningful shift in the structure of the financial system,” said a banking analyst who asked not to be identified.
The dispute between traditional banks and fintechs continues across regulation and taxation. Incumbent banks argue they operate under heavier regulatory burdens, finance strategic sectors and execute public policies, while accusing digital platforms of focusing on low-cost customer acquisition. Fintechs counter that they pay significant taxes, expanded financial inclusion and brought millions of previously underserved users into the formal system.
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