Revolut enters Latin American market with Brazil launch

2 May 2023

Revolut CEO and co-founder Nik Storonsky. Image: Revolut

The fintech said it will have an edge over competing companies in the region, with its foreign exchange capabilities for 27 currencies.

Revolut has launched in Brazil, offering the ability for its citizens to use crypto investments and create a global account.

The company is offering a global account for customers in Brazil, which includes foreign exchange and remittance capabilities for 27 currencies. The currency exchange can be carried out 24 hours a day, seven days a week.

Revolut claims this will give it an edge over competing companies in the region, which offer options in dollars or euros during business hours.

The fintech has already created a significant team in Brazil, with Glauber Mota as the company’s Brazil CEO.

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

Revolut is launching in Brazil through a phased roll-out, with a waitlist being available to Brazilians across the country. The company’s CEO and co-founder Nik Storonsky said the country holds “enormous potential” for its global expansion plans.

“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,” Storonsky said. “We will start with the global account and crypto investments, but this is just the beginning.”

Revolut is currently being used by roughly 29m customers worldwide. Last month, Revolut completed the process of transferring its more than 2m customers in Ireland onto Irish IBANs as it seeks to encourage more people to use it as their primary bank.

In March, Revolut said it was rolling out a car insurance service in Ireland with a waitlist in place until its expected launch before the summer. It also launched a credit card service earlier in the year.

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Leigh Mc Gowran is a journalist with Silicon Republic