UK fintech app Revolut has announced the appointment of Glauber Mota as its new CEO of Brazilian operations.
This is the latest move by the company in its pursuit of expanding into the Brazilian market. The UK fintech has already opened a waiting list for Brazilian customers.
New CEO Mota joins from investment bank BTG Pactual and follows Felipe Lachowski, who in last April joined Revolut as its Head of Strategy Operations.
“As Latin America’s largest market, Brazil is a key strategic priority of Revolut’s international expansion drive,” said Revolut’s Co-Founder and CEO, Nik Storonsky.
“Brazil is an important market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”
Revolut intends to implement crypto, investment and insurance products in the near future.
Despite the impending expansion, Brazilians will still need to use their own credit cards for overseas travel and shopping.
“Brazilians are one of the most active digital populations worldwide, and the number of unique users of mobile devices in Brazil is already over 112 million people, with a rising number of people using digital banks as their primary account,” Mota said.
This announcement comes off the heels of Revolut’s recent expansion into the US, Mexico and Japan last year, all a part of the fintechs global expansion strategy plan.
Expert Analysis: Revolut, when launched in 2015 had plans to become a global superapp accessible for everybody. The inclusion of one of the biggest, if not the biggest South American digital payments markets will help bolster Revolut’s imprint in the region. If successful, Revolut will find it easier to grow further into the continent..