Revolut, a digital bank, has recently started in Brazil, giving Brazilians access to its services. Revolut has previously introduced its solutions in Europe and other locations, but this is the company’s first entry into the Latin American market. The bank’s offerings include foreign exchange and remittance services in different currencies, including the Brazilian Real, for use by Brazilians.
Co-founder and current CEO of the digital bank Nik Storonsky commented on the crypto possibilities of Brazil, quoting:
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.
Revolut has announced its expansion into Brazil after considering the move for over a year. The company announced the appointment of Glauber Mota as its new CEO for Brazil in March 2022. Additionally, the company opened a waiting list in anticipation of its upcoming full launch. After a successful launch in a Latin American country, a digital bank is now expanding its customer and starting to onboard existing customers.
Brazilian are diving more into crypto assets, as said by Mota,
The total that Brazilians spent abroad more than doubled in 2022, totaling $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.
However, Brazil’s financial services market is the largest in the region. After being appointed as the CEO of Brazil, Mota stated that Brazilians are one of the most enthusiastic users of digital media in the world. In addition, he said that a sizable percentage of Brazilians rely on digital banks as their major financial institutions.
