Digital Assets: Revolut Launches In Brazil, Offers Crypto

May 2, 2023 | Digital Assets, News

The launch marks the entry of Revolut into Latin America.

Revolut has launched its financial app in Brazil, marking its entry into the Latin American market. The company has established a strong team on the ground, with Glauber Mota, formerly of BTG Pactual, as its local CEO. Revolut aims to tap into Brazil’s large remittance corridors and the growing trend towards digital services. Its global account will enable foreign exchange and remittance capabilities in 27 currencies, along with a card that can be used in over 150 countries.

“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,” CEO Nik Stronsky said. “We will start with the global account and crypto investments, but this is just the beginning.” (IBS Intelligence)

According to Glauber Mota, there is a high demand for digital banking services in Brazil, with more than 45% of Brazilians using digital accounts as their primary account.

The app offers a comprehensive solution that meets all of these needs in one place, with a superior user experience that has yet to be seen in the Brazilian market. However, Nubank is firmly entrenched as the market leader in the country with roughly 70 million customers. In June of last year, Nubank added cryptocurrency trading to its offerings, which attracted one million users within a month.

Related Story:  Top Investor Schroders Chops Revolut’s Valuation By $15B

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