UK-based financial superapp Revolut has hired BTG Pactual's Glauber Mota to lead its move into the Brazilian market.
Revolut has already opened a waiting list for Brazilians interested in accessing accounts and international cards which can be used in more than 150 countries and enable access to over 25 global currencies. Over time, it will add investments, crypto, and insurance.
Mota will lead the effort as CEO Brazil, joining from investment bank BTG Pactual, where he was an associate partner and COO of the digital retail unit.
Revolut is entering a thriving fintech arena in Latin America's largest market, joining local giants such as Nubank, Neon, Ebanx, C6 and Creditas.
Says Mota: "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.
"However, when traveling abroad and shopping online, Brazilians still need to use credit cards and currency exchange brokers, incurring high fees.
"This represents an enormous opportunity, and the Revolut product offering is unbeatable for Brazilians who continue to embrace e-commerce and begin to travel abroad again. I am very excited to lead the team and bring Revolut’s superapp complete offering to Brazil."