Revolut takes on Nubank with Brazil launch and LatAm push

Revolut has launched in its first country in Latin America, offering a multi-currency account and crypto investments in Brazil.

In March 2022 Revolut made its first steps into the region after hiring Glauber Mota as its Brazil business's CEO and opening a waitlist. This waitlist will now be expanded with existing names being added in a phased rollout.

Brazil is Latin America’s largest market for financial services, a key corridor for the large remittances market, as well as an increasingly digital population. Back in 2021, research indicated it came out on top in adults using an app-only bank, with just over 32 per cent.

Mota says that has now increased.

“There’s a lot of appetite for Revolut and digital banking services in Brazil. Recent surveys show that more than 45 per cent of Brazilians already use digital accounts as their primary account, and use more than five different applications to manage payments, transfers, and investments,” said Mota.

Revolut has tough competition in the region. 

Nubank, now a publicly listed company, has been growing rapidly and now counts 80 million customers in Latin America.

Revolut, which launched in the UK in 2015, says it now has 29 million customers worldwide.

“Brazil is an exciting market for Revolut and holds enormous potential for our global expansion,” said Nik Storonsky (pictured left), co-founder and CEO.

“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.”