Global financial services innovator Revolut is becoming a bit more global today. The London-based company announced today it has expanded into Brazil. Today’s move of launching multi-currency account and crypto investments in Brazil, marks Revolut’s first expansion into a Latin American country.
Revolut’s expansion efforts into Brazil began last March. The company not only brought on Glauber Mota as CEO of its Brazil operations, but it also opened up a waitlist in the region. “There’s a lot of appetite for Revolut and digital banking services in Brazil,” said Mota. “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.”
The company will begin its Brazil expansion via a phased rollout, during which time it will continue adding to its waitlist. In addition to being available in Brazil, Revolut’s accounts are available to residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the U.K., and the U.S.
Revolut counts 29 million retail customers across the globe making 330 million transactions each month. The company debuted its multi-currency account at FinovateEurope in 2015 and also offers a peer-to-peer trading, an early wage access tool, an account for users under the age of 18, stock trading, business cards, commercial spend management tools, and more.
Revolut has raised around $2 billion since it was founded in 2015. While the company was once considered one of Europe’s most valuable fintechs, Revolut took a hit last week when company shareholder Schroders Capital Global Innovation Trust disclosed a $5.8 million (£4.7 million) writedown, shaking the value of its stake from $12.6 million (£10.1 million) in 2021 to $6.7 million (£5.4 million) in 2022.
Despite the valuation woes, however, Revolut continues to expand. The company launched credit cards for its Ireland user base earlier this year and is planning to launch a car insurance service in the region. Additionally, Revolut is working on expanding to more geographies, including Ecuador, Mexico, India, New Zealand, and Oman.