UK Digital Bank Revolut Receives SCD License to Operate in Brazil

UK-based Revolut has been granted authorization by the Central Bank of Brazil to operate as a Direct Credit Society (SCD) in the country, as published in the Official Gazette. The strategic license will allow the second largest digital bank in the world, only behind Nubank, to expand its portfolio of products and services in the local market, including granting credit with its own resources.

Translated from a statement to Finsiders: Revolut’s CEO in Brazil, Glauber Mota, said that being a regulated institution in the country is a great opportunity for the fintech company to enhance the value proposition of its global account, now including local products and services. “We want to go further and help our customers use their money without borders and in a more efficient and secure way,”

The Revolut Brazil Launch In a Competitive Landscape

Revolut has been preparing for its entry into the Brazilian market since 2019, and its official launch took place earlier this month. With approximately 30 million customers worldwide and valued at $33 billion, Revolut defines itself as a financial super app. Its initial offerings in the Brazilian market include a global account with more than 27 currencies and an international card accepted in over 150 countries, as well as the option to buy and sell cryptocurrencies.

Glauber explained that the controlled launch is part of Revolut’s strategy to prioritize and grant early access to people on the waiting list before opening to the general public. “We want to launch a product that has the best experience and delivers value to our users so they can enjoy their travels and online shopping with competitive rates and one of the best exchanges in the market,”

This official debut and obtaining the SCD license come at a time of intense competition, not only among major digital banks but also among players offering international accounts, such as Nomad, Avenue, C6 Bank, and Inter. Revolut will also find competition from Nubank, who plans to expand in the field of international transfers as part of its strategy to broaden its reach among high-income clients.