Digital bank Revolut has made a move for Latin America’s largest financial services market after it announced it will be offering multi-currency accounts and crypto investments in Brazil.
The move by the UK-based all-in-one fintech app marks the company's first expansion into a Latin American country in an attempt to tap into Brazil's growing demand for crypto assets. Currently with 29 million customers worldwide, the company acknowledged that Brazil which is considered a key corridor for the large remittances market with an increasingly digital population, holds enormous potential for the company's global expansion.
The company says its new product offering in the country is the first step of its larger plans to unlock a borderless economy with financial products that are accessible, efficient and easy to use, in the region. To cop a share of the already dominated market, Revolut will now have to square up with publicly listed Nubank, a formidable competitor in the region, that has been growing rapidly and now counts up to 80 million customers in Latin America.
Revolut was last valued at $28 billion valuation in March 2023 after it marked down its valuation from the $33 billion it was valued at in 2021.