Revolut, one of the largest digital banks in the world, announced plans to expand its business to Brazil to provide digital banking services to a population that continues to be significantly underserved.
At their last valuation of $33 billion, the London-based fintech has frequently contested with Nubank the title of the world’s largest digital bank. Interest from foreign digital banks in the regional ecosystem has spiked recently, primarily driven by the swift success of local players such as Nubank in Brazil, Mercado Pago in Argentina, and Clip and Konfio in Mexico.
Glauber Mota, CEO of Revolut Brasil, considers now the perfect time for global players to step into the local market. The convenience of the payment system PIX, which has grown by leaps and bounds in Brazil, has inspired many in terms of product design. It has also encouraged disruptors across the globe, who now see the fertile ground in the country for innovative products.
During the World Cup this year, Revolut will launch its core product –a global account for clients paying for goods and services abroad. Many Brazilian fans are expected to fly to Qatar to witness Brazil’s attempt at a sixth world title.
Credit is not expected to be a core of its offering but rather a complement of what Revolut envisions as a financial service super app. The company is looking to offer everything ranging from cross-border payments and remittances to credit, insurance, and investments.
You can read the complete interview to Glauber Mota in Fintech News.