Revolut enters LatAm market with launch in Brazil

Revolut, a financial super app, has forayed into Latin America with a live launch in Brazil.

Having already built a significant team on the ground, including local CEO Glauber Mota (formerly of BTG Pactual), Revolut has launched in Brazil to access its large remittance corridors and increasing adoption of digital services.

The company’s global account will offer foreign exchange and remittance capabilities in 27 currencies, in addition to having a card that is accepted in more than 150 countries.

Nik Storonsky, co-founder, and CEO, said, “Brazil is an exciting market for Revolut and holds enormous potential for our global expansion. Our mission is to unlock a borderless economy with financial products that are accessible and easy to use and that allow our customers to use their money efficiently. We will start with the global account and crypto investments, but this is just the beginning.”

See more: The key factors driving financial inclusion

Glauber Mota, Revolut’s CEO for Brazil, said, “There’s a lot of appetite for Revolut and digital banking services in Brazil. Recent surveys show that more than 45% of Brazilians already use digital accounts as their primary account and use more than five different applications to manage payments, transfers, and investments.”

The total that Brazilians spent abroad more than doubled in 2022, totalling $12 billion, and there is growing demand for access to crypto assets with more than ten million individual investors in Brazil. Revolut offers Brazilians an app that meets all these needs in one place, with a high-quality UX that has not yet been seen in the Brazilian market.

Source: IBS Intelligence