Revolut, a UK-based fintech firm, has launched in Brazil, marking its first venture into Latin America. The company will offer customers a multi-currency account, remittance capabilities, a card accepted in over 150 countries, and cryptocurrency investments. The launch follows a significant team building effort and the hiring of a local CEO, Glauber Mota.
Facts
- Revolut is launching in Brazil, marking its first move into Latin America.
- The firm is offering customers a multi-currency account with remittance capabilities for 27 countries.
- Customers can exchange foreign currencies at any time of day, all days of the week.
- Revolut is offering cryptocurrency investments to customers in response to “growing demand” for access to crypto in the region, with more than 10 million individual investors in Brazil.
- The firm has built a significant team in Brazil, including a local CEO, Glauber Mota, who formerly worked at BTG Pactual, the largest investment bank in Latin America.
- Revolut’s co-founder and CEO, Nik Storonsky, says Brazil holds enormous potential for the firm’s global expansion and that this is just the beginning.
- The launch follows a week after Revolut’s valuation was slashed to almost half by shareholder Schroders.
