The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banco Pan puts differentiation at the heart of its digital strategy

Banco Pan’s turnaround has taken another step forward with its acquisition of ecommerce platform Mosaico. Chief executive Carlos Eduardo Guimarães talks to Euromoney about the importance of growth with profitability.

Photo: iStock

Brazil is a big country. However, the recent huge growth in individual digital banks’ customer acquisition points to a counting problem. According to report by Itaú BBA the country now has 600 million “banking relationships” for a population of around 200 million.

Much of the valuation of new digital banks is based upon the rapid growth of their client bases. However, closer scrutiny of other metrics can add context to the story. Nubank, a bank that reported losses for the first nine months of 2021, is now closing in on a $50 billion IPO that is based largely on the monetization potential for its 48-million-strong client list.

Is there now a bubble in Brazil’s neo-bank valuations?

We are always trying to balance growth, engagement and monetization. So we have a lot of KPIs, but we never get away from our ROE
Carlos Eduardo Guimarães, Banco Pan

Carlos Eduardo Guimarães (who is known in the bank as Cadu) believes so. Banco Pan is now winning around 52,000 new account or product holders per business day compared with Banco Inter’s 30,000.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree