Revolut marks Latin America debut with Brazil launch, a country with 10 million crypto users

UK-based financial super app Revolut has launched in Brazil, marking the fintech firm’s first foray into Latin America, attempting to tap into Brazil’s growing demand for crypto assets. Crypto users in Brazil number some 10 million, according to Revolut’s announcement.

Revolut will offer customers a multi-currency account with remittance capabilities for 27 countries, and a card that is accepted in more than 150 countries. Customers can also exchange foreign currencies at any time of day, all days of the week.

The fintech is also offering cryptocurrency investments to customers, as it sees “growing demand” for access to crypto in the region, with more than 10 million individual investors in Brazil. From 2 May, customers on the waitlist will be invited to sign up in a phased rollout of the app.

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.”

Nik Storonsky, co-founder and CEO of Revolut, says Brazil holds an “enormous potential” for the firm’s global expansion. He adds that the firm will start off operations with the global account and crypto investments, “but this is just the beginning”.

“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,” Storonsky adds.