Global Financial Super App Revolut Debuts in Brazil
Revolut, the global financial super app with more than 29 million customers worldwide and one of the largest digital banks in the EEA, is launching today in Brazil – its first foray into Latin America.
Having already built a significant team on the ground, including local CEO Glauber Mota (formerly of BTG Pactual), Revolut has launched in Brazil to access its large remittance corridors and increasing adoption of digital services.
Revolut‘s global account will offer foreign exchange and remittance capabilities in 27 currencies, in addition to having a card that is accepted in more than 150 countries. Currency exchange can be carried out 24 hours a day, 7 days a week, allowing customers to buy foreign currency at great rates (FX fair-usage limits and weekend markups apply).
This sets Revolut apart from local competitors, as existing alternatives only offer exchange options in dollars or euros, in different accounts, with transactions mostly during working business hours.
Nik Storonsky, co-founder and CEO, said: “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.”
Glauber Mota, Revolut’s CEO for Brazil, said: “There’s a lot of appetite for Revolut and digital banking services in Brazil. Recent surveys show that more than 45% of Brazilians already use digital accounts as their primary account, and use more than five different applications to manage payments, transfers, and investments.”
The total that Brazilians spent abroad more than doubled in 2022, totalling $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.
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