Revolut, one of the largest digital banks in Europe, has announced that it is opening a branch in Brazil.
Brazil is considered the largest financial services market in Latin America and the main portal for large money transfers. The total amount spent abroad by Brazilians in 2022 was $12 billion.
Revolut will provide its clients in Brazil with a bank card that supports transfers to 150 countries as well as foreign currency exchange capabilities, according to the IBSintelligence website.
The digital bank has already made significant hires in Brazil, appointing Glauber Mota, who previously worked at BTG Pactual, as CEO of the new unit.
Revolut, which has a client base of around 30 million people, is also preparing to open an office in India and is actively building a team to work in the country.
Revolut Bank was launched in the UK in 2015. The bank's app is free to install on any mobile device, and has an intuitive and functional interface.
