Nubank is on course to overtake Itaú Unibanco's retail banking business in revenue size by 2026 and Citigroup's by 2027
Figure 2. Retail banking revenue ($, billion, 2025-2027f)
Note: Basis for the projection based on FX neutral and growth deceleration. Q1'25 +40% (FX neutral) → Q3'25 +39% and Q1'26 +42% (FX neutral). A reasonable full year trajectory assumes deceleration to the high-20% to low 30s% in 2026 and mid-20s/high-20s% in 2027, cushioned by Mexico/Colombia scaling and ARPAC expansion.
Source: TABInsights
Source: TABInsights