Nubank leads in downloads of neobanks' apps in Brazil in January, shows BofA's newest report

Also according to the study, BTG Digital leads among the most downloaded investment platform in January.

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Photo: Nubank/Courtesy
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Nubank is still the most downloaded neobank application in Brazil. It was downloaded 3.2 million times in January, according to Bank of America (BofA) latest report.

According to the survey, Nubank concentrated 15% of all 22.5 million downloads of banking applications and digital wallets in Brazil in the period, followed by Bitz, Bradesco, and PicPay. In December, total downloads of digital banking apps reached 23.5 million, according to the survey.

READ ALSO: Nubank sees Brazil economic crisis as an opportunity and considers some kind of brick-and-mortar presence in the future

In addition, Nubank, PagBank, and Pan had the highest increase in active users (1.8 million, 1.5 million, and 1.3 million, respectively). At the other end, iti, owned by Itaú Unibanco, was the main loser of active users (a drop of 1 million compared to December).

BTG Digital leads among most downloaded investment platform in January

Also according to BofA’s report, investment platforms had 1.9 million downloads in January in Brazil, below the monthly average of 2.1 million in 2021. BTG Digital was the leader, jumping from 6th position in December to the leadership in January, with around 400,000 downloads.

READ ALSO: Brazilian digital banks face a decline in the number of users and feel the pressure for profitability

Nu Invest came in second, followed by the XP Rico and XP Investimentos brands. Clear, the trader-focused XP brand, continued to see fewer downloads on a sequential basis, following a trend seen since last June.

Nu Invest, BTG Digital, and Rico were the top gainers in new active users, while Clear and XP Investimentos were the top laggards from December.

About the methodology: Through Sensor Tower (ST) BofA tracks app downloads from App Store and Google Play. As the service tracks the number of downloads through app stores accounts, it does not double count the same user when an app is reinstalled and it does not detect app deletions. Sensor Tower considers as MAU (monthly active users) a user who accessed a given app at least one time in a given period of time.

(Translated and co-written by LABS)

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