UK fintech Revolut marks Latin America debut with Brazil launch
UK-based financial super app Revolut has launched in Brazil, marking the fintech firm’s first foray into Latin America.
Revolut launches in Brazil
Revolut will offer customers a multi-currency account with remittance capabilities for 27 countries, and a card that is accepted in more than 150 countries. Customers can also exchange foreign currencies at any time of day, all days of the week.
The fintech is also offering cryptocurrency investments to customers, as it sees “growing demand” for access to crypto in the region, with more than 10 million individual investors in Brazil. From 2 May, customers on the waitlist will be invited to sign up in a phased rollout of the app.
The firm claims it has already built a “significant team” in Brazil, including hiring a local CEO, Glauber Mota, who formerly worked at BTG Pactual, the biggest investment bank in Latin America.
Nik Storonsky, co-founder and CEO of Revolut, says Brazil holds an “enormous potential” for the firm’s global expansion. He adds that the firm will start off operations with the global account and crypto investments, “but this is just the beginning”.
“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,” Storonsky adds.
The launch follows a week after Revolut’s valuation was slashed to almost half by shareholder Schroders.
