Digital bank Revolut has confirmed its expansion into Brazil and Mexico, with a plan to hire 250 new employees in both nations by 2025. The push to consolidate Revolut’s position in Latin America follows the launch of the Revolut LiteApp that went live in Chile and Ecuador earlier this year.
Brazil and Mexico are strategic markets for the bank since there is a large number of payment transactions between Mexico and the United States, which might reach $58 billion by the end of the year. Moreover, nearly 40% of Brazilian financial services users have a digital account that they use daily, while in Mexico it is at 15%.
The neobank is yet to get a banking license in Mexico. However, it is in the process of obtaining it by first looking for a record as a money transmitter. The digital bank already has a workforce of more than 5,000 roles in 36 nations, with at least 20 million users.
Earlier in the week, the neobank rolled out a Buy Now Pay Later product to its 1.9 million users in Ireland.
