Revolut, the British financial super app, aims to expand its global presence. One market of crucial interest to the company is Brazil. The recent hire of BTG Pactual’s Glauber Mota further confirms the company’s aspirations.
Revolut Tackles Brazil As Its Next Market
Revolut is a phenomenon in the UK’s finance industry. The company provides access to various financial products and services to make life easier for consumers. Bringing that suite of tools to Brazil makes much sense. The country still struggles to achieve financial equality and provide access to banking services.
Through the waiting list, Brazilians can sign up for Revolut. The company will provide access to accounts and international cards. Moreover, future users will access over two dozen global currencies. Future additions include investments, crypto, and insurance. Glauber Mota will act as Revolut Brazil’s CEO after leaving investment bank BTG Pactual.
Glauber Mota comments on his decision:
“Brazilians are one of the most active digital populations worldwide, and the number of unique users of mobile devices in Brazil is already over 112 million people, with a rising number of people using digital banks as their primary account.”
Latin America positions itself as a thriving fintech market with room for competition. Several major providers are active in this segment today, including Nubank, Ebanx, and Creditas. Revolut will go toe-to-toe with these established providers and offer a more compelling solution to Brazilian customers.