Digital bank Revolut has announced its expansion into Mexico and Brazil, with a plan to hire 250 new employees in both countries by 2025.
The push to consolidate Revolut’s position in Latin America follows the launch of the Revolut LiteApp that went live in Ecuador and Chile earlier this year.
Mexico and Brazil are strategic markets for the bank, as there is a huge amount of payment transactions between Mexico and the United States, which could reach $58 billion by the end of this year. Additionally, almost 40% of Brazilian financial services users have a digital account that they use on a daily basis, while in Mexico it is at 15%.
The neobank has not yet received a banking license in Mexico, but 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 over 5,000 roles in 36 countries, with over 20 million users.
Earlier this week, the neobank rolled out a Buy Now, Pay Later product to its 1.9 million users in Ireland.