Revolut has made its first foray into Latin America with a live launch in Brazil.
Revolut's global account will offer locals foreign exchange and remittance capabilities in 27 currencies, in addition to having a card that is accepted in more than 150 countries.
Nik Storonsky, co-founder and CEO, says: “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, recruited from BTG Pactual to lead the roll out in Brazil, comments: “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."
Revolut has surpassed 25 million customers worldwide amid an expansive growth strategy which will see the super app launch in India, Mexico, and New Zealand in the near future.
In India, the firm has built a team of 400+ employees for its forthcoming launch. Workforce expansion is also on the cards in Mexico, with plans to employ more than 250 new positions by 2025 between Mexico and Brazil. The company also says it is set to go live in New Zealand in the next few months, to complement its existing operations in Australia.