Nubank had an early mover advantage as Brazil's first neobank in 2013. Recognizing the need for alternative bank offerings in Brazil, and addressing that need early, allowed Nubank to establish itself quickly as a household name in the country. It's now the financial institution in Brazil by users. Achieving a scale close to that of major banks' speaks to Nubank's ability to reach the unbanked population with lower-cost banking alternatives.
The burgeoning fintech opportunity in LATAM's biggest economy is inviting competition for Nubank, but we think its leading position in Brazil is safe. N26
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