Technology

Fintechs and neobanks lead Forbes' World’s Best Banks 2021 ranking in Brazil

For the third consecutive year, Nubank tops the list in Brazil, followed by Banco Inter and C6 Bank

Nubank's office. Photo: Nubank/Courtesy
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  • Nubank is ranked as the best financial institution in Brazil and among the best in the world;
  • More than 43,000 people in 28 countries evaluated about 500 banks.

The best five banks in Brazil are fintechs and neobanks. That’s what Forbes says in its annual ranking of World’s Best Banks 2021, made in partnership with statistical firm Statista and published on Tuesday.

For the third year in a row, Nubank is ranked as the best financial institution in Brazil and among the best in the world. Forbes conducts the survey since 2019 (and since then, Nubank has been in the first position). In second place in 2021 is Banco Inter, followed by C6 Bank, PagBank, Neon, Next, Sicredi, and Itaú. Inter and C6, despite having a bank license, operate as digital banks.

More than 43,000 people in 28 countries evaluated about 500 banks based on criteria such as trust, customer service, digital services, advice, financial education, terms and conditions, and satisfaction.

The ranking shows Brazilians’ preference for neobanks over the country’s large, traditional banks. With the pandemic in 2020, Nubank registered an average of 36,000 new clients per day, with a public that if at first was almost entirely young, is now more diverse. Among the elderly, the percentage of new customers over 60 years old even grew 20% in April last year compared to April 2019.

Today Nubank has more than 35 million users. The fintech ended 2020 with BRL 29 billion in deposits, a 2.6-fold increase over the previous year and the highest level ever reached.

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