Revolut Doubles Down on Brazil
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Revolut is doubling down on Brazil. After a quiet launch in 2023, the company initially expected to attract a high-income, older demographic. Instead, its customer base skews younger, with over 75% between 18 and 44.
This prompted Revolut to expand beyond its original niche of multi-currency accounts and crypto services, aiming to become a full-service financial platform.
With this shift, Revolut is rolling out a local credit card, subscription benefits, and investment products, with personal loans on the horizon. “We want to compete with the big banks and FinTechs in the long term,” said Glauber Mota, Revolut Brazil CEO. He also revealed that the company’s customer base grew by nearly 150% from 2023 to 2024, with similar increases in transaction volume and monthly revenue.
Additionally, Revolut is considering applying for a multiple banking license from Brazil’s Central Bank.
Despite its strong reputation and resources, Revolut faces intense competition in Brazil’s digital banking sector, like Nubank. This environment poses challenges for new entrants, which has deterred foreign players in the past— N26, for example, exited Brazil in 2023 due to scalability issues.
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