Revolut launches crypto investment and foreign exchange services in Brazil

Revolut, the digital bank known for offering crypto investments across Europe, has launched its services in Brazil. Brazilian customers can access crypto assets and create global accounts, including foreign exchange and remittance services for 27 currencies. Revolut operates 24/7, providing an advantage over regional competitors offering only dollar or euro options during business hours.

Growing demand for digital banking in Brazil

Glauber Mota, Revolut Brazil’s CEO, highlighted the country’s strong demand for digital banking services. More than 45% of Brazilians use digital accounts as their primary account and employ multiple apps for payments, transfers, and transfers investments. The fintech company has already assembled a significant team in Brazil.

“Brazil has a lot of appetite for Revolut and digital banking services. 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.”

Glauber Mota, Revolut’s CEO for Brazil

Phased roll-out and future expansion plans

Revolut’s Brazilian launch will proceed through a phased roll-out, with a nationwide waitlist available to interested customers. Nik Storonsky, Revolut’s CEO and co-founder, noted the “enormous potential” Brazil offers for the company’s global expansion plans. While initially offering worldwide account and crypto investments, Storonsky hinted that this is just the beginning.

Currently, Revolut serves approximately 29 million customers worldwide. Recent developments include transferring over 2 million Irish customers to Irish IBANs and rolling out car insurance and credit card services in Ireland.