Digital financial institution Revolut has introduced its growth into Mexico and Brazil, with a plan to rent 250 new staff in each international locations by 2025.
The push to consolidate Revolut’s place in Latin America follows the launch of the Revolut LiteApp that went stay in Ecuador and Chile earlier this yr.
Mexico and Brazil are strategic markets for the financial institution, as there’s a large quantity of fee transactions between Mexico and the US, which may attain $58 billion by the top of this yr. Moreover, virtually 40% of Brazilian monetary providers customers have a digital account that they use each day, whereas in Mexico it’s at 15%.
The neobank has not but acquired a banking license in Mexico, however is within the technique of acquiring it by first on the lookout for a file as a cash transmitter.
The digital financial institution already has a workforce of over 5,000 roles in 36 international locations, with over 20 million customers.
Earlier this week, the neobank rolled out a Purchase Now, Pay Later product to its 1.9 million customers in Eire.