Revolut has launched a checking account in Brazilian reais, complete with a debit card, bill payment capabilities, and PIX integration. The fintech plans to expand its offerings this year to include a local credit card and a subscription-based benefits program with various service discounts.
The company's product roadmap also includes personal loans and investment products. While Revolut is considering obtaining a full banking license from Brazil's Central Bank to facilitate expansion, CEO Glauber Mota notes this is optional, as the company has been operating with a direct credit society (SCD) license since mid-2023.
Brazil has become a priority market following strong first-year performance. Though specific figures aren't disclosed, Mota revealed customer growth of nearly 150% from 2023 to 2024, with similar increases in transaction volume and monthly revenue.
Revolut's global ambition is to operate in 100 countries, serve 100 million active customers, and generate over $100 billion in revenue. Currently, the fintech operates in 38 countries with 45 million customers and reported $2.2 billion in revenue for 2023. The 2024 financial results are expected in mid-2025.
Brazil is serving as a test market for Revolut's accelerated strategy. According to Mota, "Brazil is the first country to test this new strategy, achieving product parity with our more mature markets much earlier than planned." Features originally scheduled for a 4-5 year rollout have been implemented within the first year.
Despite Revolut's resources and reputation, it faces significant competition in Brazil's digital banking sector, particularly from established players like Nubank. The market's complexity has previously challenged foreign entrants, with Germany's N26 exiting Brazil in 2023 due to scalability issues.
For a comprehensive list of all neobanks operating in Brazil, visit: https://neobanque.ch/brazil/