PagBank: The biggest bank you’ve never heard of in Brazil

The Brazilian world of digital banks has it all: billionaire unicorns, sub-brands created by the incumbents and completely new disruptors. But one player has been quietly growing under the radar to become the country’s second-largest digital player.

In the second quarter of 2022, one of Brazil’s digital banks added 1.6 million clients to reach 25 million customers, of which 15 million are active monthly users and 60% of those are primary accounts. This makes it the second-largest digital bank in terms of clients, below Nubank’s 62 million and ahead of Banco Inter’s 21 million customers.

The bank in question grew revenues by 62% year on year and deposits by 163% to R$15.5 billion ($2.9

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