COUNTRY FOCUS : BRAZIL
token and a USD stablecoin in the world and also the first bitcoin fund by a financial institution in Brazil ,” said André Portilho , Head Digital Assets , BTG Pactual .
“ Our partnership with Circle is a testament to our belief that blockchain technology will form the new infrastructure of the financial industry . These milestones underscore our dedication to pushing the boundaries and shaping the future of digital assets .”
Following last year ’ s partnership announcement with Nubank , the world ’ s largest digital banking platform outside of Asia , serving over 100 million customers across Brazil , Mexico , and Colombia , Nubank Cripto customers in Brazil are already transacting with USDC .
“ Our partnership with Circle marks a significant milestone for Nubank and the access to digital dollars in Brazil . In our 100 million active user base , we see a large demand for customers to seek digital dollars as a way to protect against inflation , build their savings and in the future , spend and use it for other useful applications ,” said Thomaz Fortes , General Manager , Nubank Cripto .
“ With the introduction of USDC , we can open up many possibilities for our customers , enhancing the security , transparency , and diversification of our portfolio at Nubank . We are glad to partner with Circle to help democratize access to the world of digital assets and contribute to the future of digital financial transactions .
We believe that there ’ s a new generation of financial infrastructure coming , and we ’ re ready for it .”
In a further sign of a strengthening Brazilian FinTech sector , PagBank , one of the largest digital banks in Brazil , reached a record recurring net profit of 522 million BRL (+ 33 % YoY ) in the first quarter of 2024 .
The net accounting profit reached 483 million BRL (+ 31 YoY %).
Alexandre Magnani , CEO , PagBank , said the continuity of the good results presented in the previous quarters highlighted the expressive gain of market share in payments ( acquirings ), balancing growth with profitability , while PagBank establishes itself among the largest financial institutions in Brazil .
“ We have consolidated our value proposition for micro , small , and medium-sized enterprises , facilitating the financial life of individuals and businesses . At the same time , we have captured opportunities for client-consumers who do not have a relationship with payment machines through payroll loans , our broad investment platform , and the offer of a complete bank ,” said Magnani .
Net revenue in the quarter was 4.3 billion BRL (+ 15 % YoY ), driven by the strong growth of the acquirings , led by MSMBs ( micro , small and medium-sized businesses ) and the advance in large accounts .
The number of clients reached 31.4 million – reinforcing PagBank ’ s position as one of the largest digital banks in the country .
In the same period , PagBank has been recognized as the best bank in Brazil and awarded the RA1000 seal of quality in service – both granted by the Reclame Aqui ranking – and as one of the 50 most valuable brands in the country , according to a survey conducted by Kantar BrandZ .
Among the launches of the quarter , main highlights were PagBankPartnerships , a relationship and integration program with software companies and commercial automation and Tap to Pay Online , a new and exclusive technology in Latin America allowing the customer to run online transactions by bringing credit or debit card closer to the mobile phone on e-commerce platforms .
“ This current moment reminds us very much of our phase between 2018 and 2019 , in which we grew in a fast and profitable way and launched several products . We are very optimistic about the coming months and years of the Company ”, said Magnani . p
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