London, Oct. 6, 2025 (Lusa) - The digital bank Revolut wants to capitalise on its reputation among the Brazilian community in Portugal and Hispanic immigrants in Spain in its strategy for expansion and growth in Latin America over the next few years.
"We believe we have created a base, which is demonstrated by the waiting list in Mexico of more than 200,000 people," Ignacio Zunzunegui, Revolut's Growth Director for Southern Europe, told Lusa.
This is a result of the "marketing efforts we've made in Spain, because in reality we've done nothing in Mexico," he emphasised.
According to official statistics, in 2024 there were more than 1.5 million Latin Americans living in Spain, especially immigrants from Colombia and Venezuela.
Zunzunegui hopes that the significant Brazilian community, the largest foreign community in the country, will also contribute to Revolut's growth in Brazil, where it has been operating since 2023.
According to the bank, around 5%, equivalent to 100,000, of Revolut's approximately two million customers in Portugal are Brazilian.
"In our strategy, 70% of our growth is through word of mouth. That's a variable we'd like to boost and try to increase," he told Lusa.
The fintech company announced in September that it plans to invest €11.5 billion internationally over the next five years and enter 30 new markets, including Latin America, Asia, Africa, and the Middle East.
In Latin America, Revolut is already available in Brazil and is due to start operations in Mexico, Colombia, and Argentina in 2026. The strategy has been different in each country.
In Brazil, the bank operates as a Sociedade de Crédito Direto, which grants loans and financing using only the institution's own capital. In Argentina, it acquired Banco Cetelem from BNP Paribas, and in the other countries, it is awaiting a banking licence.
Revolut claims to have reached 65 million customers worldwide in September, with the ambition of reaching 100 million by mid-2027.
According to the 2024 results released in April, the Revolut group recorded revenues of $4 billion (€3.4 billion at the current exchange rate), 72% higher than the $2.2 billion (€1.9 billion) recorded in the previous year.
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