Brazilian digital bank PagBank, known for its innovation in financial services, has revealed record financial results in its annual report for 2024.
PagBank, a fintech company belonging to the Brazilian UOL Group, has announced its yearly financial results for 2024, impressing stakeholders with exceptional performance and a record net profit of R$2.3 billion (over USD 400 million).
The company’s return on average equity (ROAE) climbed to 15.2% in 2024. Meanwhile, PagBank’s customer base reached 33.2 million — a growth of 2.1 million customers over the year. Its total payment volume (TPV) increased to R$518 billion in 2024, reflecting a 32% YoY growth.
The fintech offers a range of digital financial services, including payments, banking, and credit solutions. It operates as a digital bank that serves both individuals and businesses nationwide and boasts the payment acceptance network of 6.3 million merchant customers. The challenger bank is specifically focusing on accessible financial products available through its mobile platform. PagBank is also part of the PagSeguro ecosystem, which provides solutions like payment processing and financial services to customers across Brazil.
Its last year’s 28% profit growth can be attributed to several factors, including an overall surge in digital payments and transactions, solid customer base expansion, streamlined processes and cost-management strategies, revenue diversification on Payments and Banking growth, and the introduction of innovative financial products — such as digital credit solutions and fee-based services.
Since the third quarter of 2024, the fintech company has been gradually restarting its underwriting offering for unsecured credit products, including working capital loans for merchants secured by receivables registries, along with credit card limits and overdraft accounts. PagBank’s credit portfolio soared to R$48 billion — an increase of 46% year-over-year. The total deposit volume also climbed to R$36.1 billion, a 31% YoY rise illustrating customers’ growing trust in the institution.
Looking ahead to 2025, PagBank is optimistic about further growth, expecting to expand its customer base, broaden its product offerings, and capture additional market share while upholding financial strength and innovation.
