Revolut set to expand further into Latin America via Revolut Lite

Revolut, a UK-based global neobank, is keen on expanding into Latin America by offering Revolut Lite. As it prioritizes financial inclusion in the region, the firm will provide Revolut Lite users with free transfers till 30th August 2023. It will offer features that include a global debit card, international transfers, and currency exchange at low fees.

Revolut’s expansion in Latin America

Revolut entered the Latin American market at the beginning of May when it launched in Brazil. As part of its incentive to launch its app in this Latin American country, there is a growing demand for accessing crypto assets. Indeed, there are over 10 million individual investors in the nation. Besides, the amount spent by Brazilians abroad more than doubled in 2022 to $12 billion. These details substantiate Revolut’s decision to enter Brazil - the largest country in the LATAM region as its first market in the area.

Revolut now operates in 41 countries after its recent launch in New Zealand and Brazil. It is now keen on accelerating its growth in Latin America. As of 2021, there were 122 million individuals in the region that were considered unbanked.

Revolut’s Lite app will enable customers to transfer funds to other Revolut users without incurring any transfer fees. This is via the firm’s P2P system, international bank transfers, and card transfers.

In the LATAM region, the Lite app is already operational in Chile. This is in addition to other parts of the world like Armenia, Bangladesh, Sri Lanka, Qatar, Saudi Arabia, Vietnam, and Azerbaijan. It now plans on expanding further into Latin America to countries like Ecuador and Argentina.