- For nearly a year, Revolut deliberated whether or not to enter the Brazilian market.
- The online bank will begin rolling out services to those already on the waiting list.
Revolut, a digital bank, has recently opened in Brazil, making its services available to Brazilian citizens for the first time. Revolut has already introduced its solutions in Europe and other locations, but this is the company’s first entry into the Latin American market.
Foreign exchange and remittance services in numerous currencies, including the Brazilian Real, will be made available to Brazilians as part of its products. It will offer crypto products for Brazilian users as the demand in the region is rising.
Eyeing Global Expansion
Furthermore, for nearly a year, Revolut deliberated whether or not to enter the Brazilian market. A waiting list was established in March 2022, and the corporation selected Glauber Mota as its new Brazil CEO at the same time.
Chief Executive Officer (CEO) Nik Storonsky stated:
“Brazil is an exciting market for Revolut and holds enormous potential for our global expansion. 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.”
Moreover, after successfully launching in the Latin American country, the online bank will begin rolling out services to those already on the waiting list.
However, when it comes to the financial services industry, Brazil is by far the biggest market in the region. Mota, upon being named CEO of Brazil, affirmed that Brazilians are among the world’s most avid users of digital media. In addition, he said that many Brazilians rely only on digital banking services.
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