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Revolut has launched in its first country in Latin America, offering a multi-currency account and crypto investments in Brazil, which is Latin America’s largest market for financial services, a key corridor for the large remittances market, as well as an increasingly digital population. However, Revolut has tough competition in the region. Nubank, now a publicly listed company, has been growing rapidly and now counts 80m customers in Latin America.
“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.
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