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PagBank strengthens its position as the second largest neo-bank in Brazil

July 6, 2023
Por
Insurtech Br
Insurtech Br
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PagBank
This fintech has gained recognition in the country thanks to its consumer-centric approach, its extensive portfolio of revolutionary products and services, and an impressive customer base of over 28.7 million customers.
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PagBank, a full-service digital bank in financial services and means of payment, reinforces its positioning as Brazil's second largest digital bank by number of customers. With a growing range of digital financial solutions and a consumer-centric approach, PagBank has conquered a customer base of more than 28.7 million customers, representing 13 percent of the Brazilian population.  

Since its founding in 2006, PagBank has expanded its operations over the years, becoming a reference in digital banking in Brazil. As a complete digital bank, PagBank offers several products and services to millions of people directly from their mobile phones, such as the possibility of receiving and making payments via Pix, unlimited transfers, mobile phone recharges with cashback, insurance coverage and access to a free international credit card with a limit tied to the account balance or investments in CDB.

In addition, PagBank has a Profit Account, which offers a higher return than savings. The digital bank also has a wide range of investment options, including Tesouro Direto, CDBs, Variable Income, Investment Funds, among others. With a business strategy balanced between innovation and sustainable growth, PagBank has stood out as one of the few profitable Brazilian unicorns, prioritizing the generation of long-term value for its customers.

In Q1 2023, PagBank posted a profit of R$392 million and doubled its share in the payments market since the IPO, which took place in January 2018. The positive results were announced along with the unification and centralisation of all products and services under a single brand, PagBank.

PagBank's success in the market is evidenced by its position as the leader among the largest acquirers in Brazil in number of customers in the card machine segment and the position as the second largest digital bank in Brazil. As PagBank continues to expand its customer base and enhance its services, the company is committed to investing in financial education programs, especially targeting micro and small merchants, aimed at promoting financial awareness and knowledge across the country.

"We are very proud to reach the position of second largest digital bank in Brazil, an achievement that reflects PagBank's commitment to providing innovative and accessible financial solutions, as well as the commitment and professionalism of our team. With a consolidated presence among micro and small entrepreneurs in the country, we have played a key role in democratizing access to means of payments and financial services for the entire Brazilian population," concludes Alexandre Magnani, CEO of PagBank.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

PagBank, a full-service digital bank in financial services and means of payment, reinforces its positioning as Brazil's second largest digital bank by number of customers. With a growing range of digital financial solutions and a consumer-centric approach, PagBank has conquered a customer base of more than 28.7 million customers, representing 13 percent of the Brazilian population.  

Since its founding in 2006, PagBank has expanded its operations over the years, becoming a reference in digital banking in Brazil. As a complete digital bank, PagBank offers several products and services to millions of people directly from their mobile phones, such as the possibility of receiving and making payments via Pix, unlimited transfers, mobile phone recharges with cashback, insurance coverage and access to a free international credit card with a limit tied to the account balance or investments in CDB.

In addition, PagBank has a Profit Account, which offers a higher return than savings. The digital bank also has a wide range of investment options, including Tesouro Direto, CDBs, Variable Income, Investment Funds, among others. With a business strategy balanced between innovation and sustainable growth, PagBank has stood out as one of the few profitable Brazilian unicorns, prioritizing the generation of long-term value for its customers.

In Q1 2023, PagBank posted a profit of R$392 million and doubled its share in the payments market since the IPO, which took place in January 2018. The positive results were announced along with the unification and centralisation of all products and services under a single brand, PagBank.

PagBank's success in the market is evidenced by its position as the leader among the largest acquirers in Brazil in number of customers in the card machine segment and the position as the second largest digital bank in Brazil. As PagBank continues to expand its customer base and enhance its services, the company is committed to investing in financial education programs, especially targeting micro and small merchants, aimed at promoting financial awareness and knowledge across the country.

"We are very proud to reach the position of second largest digital bank in Brazil, an achievement that reflects PagBank's commitment to providing innovative and accessible financial solutions, as well as the commitment and professionalism of our team. With a consolidated presence among micro and small entrepreneurs in the country, we have played a key role in democratizing access to means of payments and financial services for the entire Brazilian population," concludes Alexandre Magnani, CEO of PagBank.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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