Founded in Brazil in 2013, Nubank has emerged as a leading fintech in Latin America, revolutionizing financial services. The company experienced remarkable growth, with its customer base expanding dramatically between 2018 and 2024. In May 2024, Nubank achieved a significant milestone by reaching 100 million customers, which grew to ***** million by December 2024. Projecting its current growth trajectory, the bank is forecast to potentially grow to *** million customers by the end of 2025. In 2024, the company also demonstrated strong financial performance, with its gross profits rising sharply and reinforcing its position as a key player in the regional financial technology market.

The Latin American mobile payments market is experiencing explosive growth, fueled by increasing smartphone penetration, expanding internet access, and a burgeoning fintech sector. The market, valued at approximately $XX million in 2025 (assuming a reasonable extrapolation based on the provided CAGR of 24.50% and a 2019-2024 historical period), is projected to reach substantial heights by 2033. Key drivers include the rising preference for contactless transactions, government initiatives promoting financial inclusion, and the innovative offerings of numerous fintech companies. The market's segmentation, primarily based on payment proximity (Proximity vs. Remote), reflects the varied user preferences and technological capabilities across the region. Competition is fierce, with established players like Nubank and Mercado Pago vying for market share alongside rapidly growing local and regional fintechs such as PicPay, Yape, and Ame Digital. Brazil, Mexico, and Argentina are currently the largest markets, but significant growth potential exists in other countries within Latin America as mobile penetration and digital literacy continue to expand. The rapid adoption of mobile payment solutions is also influenced by several trends. The increasing integration of mobile wallets with other financial services, such as lending and investment platforms, is enhancing user engagement and driving further market penetration. Furthermore, advancements in mobile payment security and fraud prevention technologies are building consumer confidence and reducing adoption barriers. While challenges remain, such as infrastructure limitations in certain areas and concerns regarding data privacy, the overall outlook for the Latin American mobile payments market remains exceptionally positive. The high CAGR and the diverse range of companies operating within the sector suggest sustained, rapid expansion over the forecast period (2025-2033). This robust growth trajectory presents considerable opportunities for investors and businesses alike. Recent developments include: June 2022 - Apple pay announced an update to its Apple Pay solutions: Apple Pay Later, which will allow users to pay in installments for their purchases-divided into four equal payments, over six weeks, without late fees or interest. The launch aims to increase focus on the payments industry., June 2022 - Elo, a Brazilian payment technology company in partnership with BV Financeira, launched a payment solution that integrates a prepaid card to abastece-aí's digital wallet and allows customers to buy via QR code in physical stores and with a virtual card in online stores. The company reported that the payment solution has a network of more than 8 million partner businesses across Brazil.. Key drivers for this market are: Increasing number of smartphone users, Increasing internet penetration and growing E-commerce & M-commerce market. Potential restraints include: Increasing number of smartphone users, Increasing internet penetration and growing E-commerce & M-commerce market. Notable trends are: NFC (Near-field communication) will Hold Major Market Share.