Neobank Revolut plans to allocate $1,000 million (893 million euros) to strongly boost its growth in Latin America, the company said this Monday.
With this disbursement, the financial firm intends to strengthen its structure in the region, improving local operations, technological infrastructure, the product offering, and the regulatory compliance area. The company estimates that, by 2027, the Latin American market will account for one in every four new accounts opened worldwide, which would mean multiplying by five the rate of customer acquisition expected for 2025.
The entity argues that operating in multiple countries at once accelerates its expansion in other markets. Thus, it has seen an increase in growth in Spain after obtaining the banking license in Colombia; in the United States, after starting its banking activity in Mexico; and in Portugal, as a result of its entry into Brazil.
"For example, Revolut has recorded a rebound in its growth in Spain after obtaining the banking license in Colombia; in the United States, following the start of its banking operations in Mexico; and in Portugal, based on its launch in Brazil," said Ignacio Zunzunegui, head of Growth for Southern Europe, Latin America and the United States.
Based on the experience accumulated in Brazil and Mexico, Revolut continues to expand its presence to new Latin American countries. In Colombia, it has received regulatory authorization from the Superintendence of Financial Companies of Colombia (SFC), while in Peru it has the go-ahead from the Central Reserve Bank. In Argentina, the firm has closed the purchase of Banco Cetelem, a move with which it lays the foundations of its banking project in the country.