“We believe we have established a foundation, as evidenced by a waiting list in Mexico of over 200,000 people,” said Ignacio Zunzunegui, Growth Director for Southern Europe.
This is a result of the “marketing efforts we made in Spain because, in reality, we did nothing in Mexico,” he emphasized.
According to official statistics, more than 1.5 million Latin Americans were living in Spain in 2024, with a significant presence of immigrants from Colombia and Venezuela.
Zunzunegui expects the substantial Brazilian community, the largest foreign community in the country, to also contribute to Revolut’s growth in Brazil, where it has been operating since 2023.
According to the bank, approximately 0.5%, equivalent to one hundred thousand, of the roughly two million Revolut customers in Portugal are Brazilian.
“In our strategy, 70% of our growth comes from word of mouth. This is a variable we would like to boost and try to increase,” he stated.
The fintech announced in September its plan to invest 11.5 billion euros globally 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 expected to commence operations in Mexico, Colombia, and Argentina by 2026. The strategy has been tailored for each country.
In Brazil, the bank operates as a Direct Credit Society, granting loans and financing using only its own capital, in Argentina, it acquired Banco Cetelem from BNP Paribas, and in other countries, it awaits a banking license.
Revolut claims to have reached 65 million customers worldwide in September, aiming to reach 100 million by mid-2027.
According to 2024 results released in April, the Revolut group recorded revenues of four billion dollars (3.4 billion euros at the current exchange rate), up 72% from 2.2 billion dollars (1.9 billion euros) the previous year.
