Some Brazilian voters are feeling burned by fintech revolution

Six major New York-listed Brazilian digital lenders and payments companies, including PicPay, PagBank, and Stone, came under broad selling pressure after Itaú BBA downgraded digital banking giant Nubank to market perform.

Analysts pointed to a more challenging macroeconomic environment for Brazilian consumers, weakening asset-quality indicators, higher funding costs, and the risk of tighter macroprudential measures from the central bank targeting high-cost consumer lending.