Digital banking platform Revolut has announced its entrance into the Latin American market. With this debut, Revolut announced the launch of multi-currency accounts and crypto and Bitcoin investment services in Brazil. The move marks the company’s first touch into the region. This decision follows the appointment of Glauber Mota as CEO of Revolut Brazil and the opening of a waitlist in March 2022. The waitlist is now set to expand, with existing names being added in a phased rollout.
Brazil represents Latin America’s largest financial services market. Additionally, Brazil is considered a crucial corridor for the remittance industry. The country has an increasingly digital-friendly population. This is leading the region in app-only banking adoption. Research from 2021 indicated that just over 32% of Brazilian adults used an app-only bank. Mota says that these numbers have grown significantly since then.
“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…”Glauber Mota, CEO of Revolut Brazil
Revolut Taps into Brazil’s Growing Digital Banking Market
Revolut currently has 29 million customers worldwide. However, the company faces stiff competition in the Latin American market. Nubank is a publicly listed company that has experienced rapid growth in the region. The company now serves 80 million customers across the region.
Despite the competitive landscape, Revolut’s co-founder and CEO, Nik Storonsky, sees Brazil as a significant opportunity. He believes that this is a major step for the company’s global expansion.
“Brazil is an exciting market for Revolut and holds enormous potential for our global expansion…”Nik Stroronsky, Revolut’s Co-Founder and CEO
Revolut’s mission is to create a borderless economy. They plan to do this by offering financial products that are accessible and user-friendly. Moreover, they aim to enable customers to manage their money efficiently. The company’s initial services in Brazil will include global accounts and crypto investments. However, Storonsky emphasizes that this is just the beginning.
As Revolut establishes its presence in Brazil, it aims to capitalize on the country’s growing appetite for digital banking and fintech. By offering multi-currency accounts and crypto investment options, they seek to tap into Brazil’s vast potential. Additionally, the company wants to contribute to the increasing digitization of financial services in Latin America.