Revolut is making its Latin American debut with the rollout of its app in Brazil. The British fintech is initially offering its multi-currency accounts and crypto investment service.
Indeed, a year after announcing its arrival in Brazil, British fintech startup Revolut has launched its operations in the country. The app’s first products are a global digital account and crypto investments.
Our mission is to unlock a borderless economy with accessible and easy-to-use financial products 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,” commented Nik Storonsky, Revolut’s boss, in a statement.
Revolut will allow the purchase of BTC and ETH and more!
This is the first phase of the project, says Glauber Mota, local general manager. According to him, the company is seeking licenses from the Central Bank to compete with other fintechs and banks in areas such as checking accounts and loans.
In practical terms, then, Revolut will provide its multi-currency checking account and payment card service but will also offer its functionality to buy and sell about 100 cryptos, including Bitcoin and Ethereum.
According to Glauber Mota, formerly of BTG Pactual and responsible for Revolut’s rollout in Brazil, there is now a “growing demand” for access to digital assets in the country. Brazil’s BTG Pactual, one of Latin America’s largest investment banks, opened a crypto-exchange last summer and recently launched its own stablecoin.
Launched in 2015, Revolut has 26 million customers in more than 30 countries and has a superapp that offers services such as hotel reservations in addition to financial products. The company, once worth US$33 billion and one of the world’s most valuable fintechs, has lost nearly half of its market value due to a lack of investor interest in the technology sector.