Business

Neobanks stand out among the best banks in Brazil and Mexico, according to Forbes

The fintech Nubank is the top-rated bank in Brazil, beating out an oligopoly of legacy banks on Forbes list

Nubank headquarters in Sao Paulo.
Nubank headquarters in Sao Paulo. The Brazilian fintech is the first decacorn of the region. Photo: Shutterstock

Forbes released its 2020 list of the World’s Best Banks. Brazil and Mexico, Latin America’s two largest economies, are the countries that represent the region on the ranking with 10 banks from Brazil and 5 from Mexico. As pointed out by Forbes, the future of banking is digital, even more now because of the COVID-19.

The fintech Nubank is the top-rated bank in Brazil, beating out an oligopoly of legacy banks on Forbes list. The startup also operates in Mexico and Argentina and has been registering a staggering growth. In the past year, the lender saw its customers surge from 6 million to 20 million. Now, it has 25 million customers in the region and its private valuation stands at $10 billion.

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The pandemic also pushed a distinct statistic, the number of elderly registered in Nubank. As Forbes reported, over the past 30-days some 300 clients above the age of 90 have become its customers.

Forbes list rated banks on general satisfaction and key attributes like trust, fees, digital services, and financial advice. In Brazil, the ranking top positions are occupied by fintechs, with Banco Inter, Neon, PagBank, and Next following Nubank’s first leadership. The Latin American banks in the list of World’s Best Banks 2020 are highlighted below:

Source: Forbes. ***The number of employees from Bradesco reported by Forbes it’s wrong. In February, the bank had 97,300 employees.

In Mexico, BBVA Bancomer is the first one, followed by Banregio, Citibanamex, Banco Azteca, and Scotiabank. The full list is available here.

Source: Forbes.