Revolut hires new Brazil CEO for LatAm push
Glauber Mota joins Revolut from BTG Pactual where he was partner and COO of its digital retail unit.
Revolut has hired Glauber Mota as its new Brazil CEO for its ongoing push into Latin America, part of its ambitions to a leading global financial ‘super app’
Mota (pictured) joins Revolut from BTG Pactual, a listed Brazillian financial services conglomerate, where he was partner and COO of its digital retail unit.
In the Brazilian market, one of the hottest fintech growth markets at present, users will be able to open accounts and get access to foreign exchange and low-cost money transfers and payments initially.
In time it will add investment, crypto, and insurance products. Revolut is currently offering a waitlist in Brazil ahead of a full launch.
“Brazilians are one of the most active digital populations worldwide, and the number of unique users of mobile devices in Brazil is already over 112 million people, with a rising number of people using digital banks as their primary account," said Mota.
However, when traveling abroad and shopping online, Brazilians still need to use credit cards and currency exchange brokers, incurring high fees.
"This represents an enormous opportunity, and the Revolut product offering is unbeatable for Brazilians who continue to embrace e-commerce and begin to travel abroad again. I am very excited to lead the team and bring Revolut’s superapp complete offering to Brazil," said Mota.
Few UK fintechs have set up shop in Brazil, with Revolut planning its launch in the coming months.
This follows launches in Mexico last year, Japan and US in 2020, and Singapore and Australia in 2019.
Global expansion has always been central to Revolut’s strategy, and justification of its $33bn valuations.
Brazil is an important market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”
The London-headquartered business now says it has 18 million customers across over 35 countries in its six year life.