Revolut commits at least $1B to Latin America, with Brazil its largest expansion market

Revolut has set aside at least $1 billion for Latin America, executives told journalists in São Paulo on 5 November. The commitment covers Brazil, Mexico, Colombia, Peru and Argentina and will be spent over several years. Carlos Urrutia, general manager of international expansion, said it is not the maximum.

Mexico launched with a banking licence this year and reached 1 million customers in eight months. Colombia has full banking authorisation and is close to launch, and Peru has cleared the first stage of authorisation. In Argentina, Revolut completed the transfer of control of Banco Cetelem, bought from BNP Paribas; it will be renamed Revolut Bank Argentina, with launch expected in the second half of next year and a waiting list above 150,000 in September.

Brazil, where Revolut launched in 2023, is its largest expansion market and one of its three fastest growing. Revolut wants a full banking licence there but gave no timeline. Chile is the next market of interest.