FinTech Revoult has launched in Brazil, saying that it aims to capitalise on the number of remittances and the increasing adoption of digital financial services in the country.

Revolut said its global account will offer foreign exchange and remittance services in 27 different countries around the clock. It claims that local competitors only offer exchange accounts in dollars or euros in different accounts during business hours.

The company added that around 45 per cent of Brazilians use digital accounts as their primary bank account and use around five different applications to manage payments transfers and investments.

Commenting on the news Nik Storonsky, co-founder and chief executive officer, said: “Brazil is an exciting market for Revolut and holds enormous potential for our global expansion.

“Our mission is to unlock a borderless economy with financial products that are accessible and easy to use and 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,” he added.

Announcing the expansion, the company said that it has appointed Glauber Mota as chief executive for Brazil. He joins from Latin American investment bank BTG Pactual.

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