Fintech’s rapid growth meets the deep pockets of legacy banks.

Brazil's top five banks—Banco do Brasil, Itaú, Caixa, Bradesco, and Santander—now manage over $2 trillion in assets.

To put this into perspective, the most expensive project in NYC, One World Trade Center, cost $3.8B. These five banks are worth about 526 One World Trade Centers.

If you thought fintech disruption was shrinking their size, you were wrong. In 2022, their assets totaled $1.5T, which means they grew 33% in just two years.

Bubble chart comparing total assets of Latin American banks, where the five largest banks are all Brazilian.
LatAm's five biggest banks are all in Brazil

Latin America's traditional banks have long been criticized for inefficiencies: slow branches, outdated procedures, and frustrating customer service. These weaknesses made them ripe for disruption. Venture capitalists responded, pouring billions into fintech startups aiming to transform the system.

Nubank stands out. Despite its assets not placing it in Latin America's top 30 banks, its $65B market cap surpasses all others. Nubank's user-centric model has won over tens of millions in Brazil, Colombia, and Mexico. Operating without physical branches or legacy systems, it has grown at a pace traditional banks could only dream of.

Still, fintech faces daunting competition. Itaú, the region's largest bank, holds 17x the assets of Nubank. While fintech promises innovation, its rivals command enormous resources, posing a significant challenge to sustaining disruption.