Business

Market roundup: Digital banking given a reality check

Brazilians are increasingly reliant on internet banking for their transactions, but this has not translated into higher market value for digital banks

digital banks value
Photo: Vector Stock Pro/Shutterstock

🔔 The dashboard: Brazil’s benchmark stock index Ibovespa gained 2.46 percent this week. Meanwhile, the Brazilian Real lost 1.59 percent against the U.S. Dollar this week.

  • Biggest gains: Locaweb (tech), +17.83 percent.
  • Biggest drops: Cogna (education), -8.26 percent.

Fintechs continue bleeding value despite digital finance boom

The number of new digital bank accounts in 2021 topped those opened in bricks-and-mortar banks for the first time ever, according to a survey by Febraban, a federation of banks. Roughly 9.9 million accounts were created through traditional channels, versus 10.8 million digital accounts – a 66-percent increase from 2020.

  • The survey also...
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