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Citizens of Brazil now have access to services offered by Revolut as the digital bank recently launched in the country. Markedly, this is Revolut’s first foray into the Latin American region as it had previously launched its offerings in Europe and other regions. As part of its offerings, Brazilians will be given access to foreign exchange with remittance capabilities in multiple currencies including the Brazilian Real.
Nik Storonsky, Co-founder and Chief Executive Officer (CEO) of the digital bank 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,” he added
Revolut Eyes Brazil’s Large Financial Market
Revolut had been mulling over this expansion into Brazil for more than a year now. In March 2022, Glauber Mota was hired as its new Brazil CEO and at the same time, a waiting list was opened in preparation for the full launch of the company. Now that the digital bank has completed the launch in the Latin American nation, the waitlist will be expanded while existing names will be rolled out.
On the other hand, Brazil is recognized as the largest market in the region for financial services. When he was appointed the Brazil CEO, Mota confirmed that citizens of the country are some of the most active digital population globally. Also, he asserted that a huge number of Brazilians use digital banks as their primary accounts.
“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,” Mota explained.
As it progresses, Revolut would have to compete with the likes of Nubank which already offers crypto trading services in Brazil and also introduced its cryptocurrency dubbed Nucoin.
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