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.
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