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HomeBusinessUK fintech Revolut marks Latin America debut with Brazil launch

UK fintech Revolut marks Latin America debut with Brazil launch

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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.

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