Revolut launches in Brazil

Wednesday 3 May 2023 14:54 CET | News

Revolut has launched in Brazil, marking the fintech firm’s first foray into Latin America.

Revolut will provide consumers with a multi-currency account with remittance capabilities for 27 countries, as well as a card accepted in over 150 countries. Customers can also convert foreign currencies at any time of day or night, seven days a week.

Revolut has launched in Brazil, marking the fintech firm’s first foray into Latin America.

With over 10 million individual investors in Brazil, the fintech is also providing Bitcoin investments to consumers, citing a 'growing demand' for access to cryptocurrencies in the area. Customers on the queue will be encouraged to sign up for the app in a gradual deployment beginning on May 2.

Brazil is Latin America's largest financial services market, as well as a major corridor for the enormous remittances industry and an increasingly digital populace. In 2021, study found that it ranked first among those who used an app-only bank, with little more than 32%. The firm will begin operations with a worldwide account and cryptocurrency investments.The debut comes only a week after stakeholder Schroders reduced Revolut's worth by nearly half.

Revolut’s focus on Latin America

In September 2022, Revolut announced its expansion into Mexico and Brazil, with plans to hire 250 additional people in each country by 2025. The attempt to strengthen Revolut's foothold in Latin America follows the release of the Revolut LiteApp in Ecuador and Chile.

Revolut launched in the US in March 2020 and shortly after enabled low-cost cross-border payments via its US-Mexico remittance corridor. Customers in both nations might use the service to transfer payments at the true exchange rate with no surprises.

The remittance offer was combined with the opening of six new routes in 2021 in Brazil (BRL), Chile (CLP), Korea (KRW), Sri Lanka (LKR), Vietnam (VND), and Serbia (RSD). Faster transfers have also been introduced on routes such as Mexico (MXN), India (INR), and the Philippines (PHP), allowing consumers to send money to these nations.

Brazil’s engaging market for fintech

Brazil has been continuously striving for some time to create a more supportive fintech environment through these required components. Real-time payment rails, new foreign exchange (FX) laws, and the implementation of Open Banking, and now Open Finance, regulations are the three primary sectors driving the creation of a contemporary financial services network in South America's largest economy.

Brazil's fintech boom has been focused on increasing market size. Millions of previously underserved consumers and micro, small, and medium-sized businesses were brought into the formal financial system through a mix of legislative changes, business model innovation, and technology. Part of the success in expanding access is incorporating the ability of banks and fintechs to maintain positive unit economics into regulatory reforms, incentivising participation and accelerating adoption.

The best commercial possibilities continue to be those centered on resolving large, structural issues. The greater the difficulty of the endeavor, the greater the potential reward.

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Keywords: fintech, expansion, product launch, cryptocurrency, investment
Categories: Banking & Fintech
Companies: Revolut
Countries: Brazil
This article is part of category

Banking & Fintech


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