{"id":5622,"date":"2022-05-05T17:16:24","date_gmt":"2022-05-05T20:16:24","guid":{"rendered":"https:\/\/blog.n5now.com\/british-fintech-revolut-eyes-expansion-into-argentina\/"},"modified":"2022-05-05T17:16:24","modified_gmt":"2022-05-05T20:16:24","slug":"british-fintech-revolut-eyes-expansion-into-argentina","status":"publish","type":"post","link":"https:\/\/blog.n5now.com\/en\/british-fintech-revolut-eyes-expansion-into-argentina\/","title":{"rendered":"British Fintech Revolut Eyes Expansion Into Argentina"},"content":{"rendered":"\n

Having hired country managers in Brazil and Mexico, the company with a $33 billion valuation has begun moves into Argentina and has a waiting list of users. Bloomberg L\u00ednea finds out more<\/p>\n\n\n\n

\"The
Revolut moves into Argentina.<\/strong>The fintech has launched its BETA version in the South American country.<\/figcaption><\/figure>\n\n\n\n

By\u00a0Mariano Espina (EN)<\/a>\u00a0and\u00a0Francisco Aldaya (EN)<\/a><\/em><\/strong><\/p>\n\n\n\n

April 29, 2022 | 10:40 am<\/small><\/p>\n\n\n\n

Buenos Aires \u2014 U.K.-based fintech and neobank Revolut, founded in 2015, has launched the Beta
version of its
application in Argentina and set up a waiting list for those interested in becoming users, with
9,786 Argentines having already signed up.<\/p>\n\n\n\n

The company offers a multi-currency debit card, as well as stock and cryptocurrency trading, among
other services, although the range of its offering varies from market to market.<\/p>\n\n\n\n

In Argentina, the company would be entering a market currently led by MercadoLibre\u2019s (MELI)
MercadoPago, but where competitors such as Ual\u00e1 and Lemon are also gaining ground in an already
highly competitive sector, with more than 30 virtual wallets operating in the country, but in which
only three players are profitable, according to a report by N5
Now, a company that develops software for fintechs.<\/p>\n\n\n\n

These companies currently have a total of approximately eight million users, according to the Argentine fintech chamber, C\u00e1mara Argentina de Fintech.<\/p>\n\n\n\n


Revolut, for its part, already operates in more than 30 countries, although its activity is at a more mature stage in Europe, where it has already obtained banking licenses in more than 10 countries.<\/p>\n\n\n\n


However, according to the fintech, \u201cwe will soon be all over the world, so stay tuned!\u201d.<\/p>\n\n\n\n

Co-founded in London by Nikolay Storonsky <\/strong>and Vlad Yatsenko<\/strong>, Revolut closed an $800 million Series E round in 2021, bringing its valuation to $33 billion. Brazil\u2019s Nubank<\/strong>, by comparison, went public in the U.S. with a valuation in excess of $40 billion, while Argentina\u2019s Ual\u00e1 is valued at $2.45 billion.<\/p>\n\n\n\n

Revolut\u2019s CFO, Mikko Salovaara, told McKinsey\u2019s Banking & Securities Practice<\/strong> in February that the fintech has more than 17 million customers globally, and that its \u201cgross profits are growing at a rate of more than 300%\u201d. <\/p>\n\n\n\n

The company has yet to announce net earnings in its annual results, however.<\/p>\n\n\n\n

The company recently hired Juan Miguel Guerra D\u00e1vila <\/strong>and Glauber Mota <\/strong>as CEOs in Mexico and Brazil, respectively, but to date the company has not announced plans to add a country manager in
Argentina.<\/p>\n\n\n\n


The fintech does have an open vacancy for a director of growth for Latin America, however.<\/p>\n\n\n\n

Where is Revolut Operating So Far?<\/h2>\n\n\n\n


According to Revolut\u2019s webpage, the fintech only serves those legally resident in the European Economic Area (EEA): Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Slovakia, Slovenia, Spain, Sweden and the U.K.<\/p>\n\n\n\n

However, there are some exceptions: Australia, Japan, Singapore, Switzerland and the U.S.<\/strong><\/p>\n\n\n\n

Revolut in Argentina<\/h2>\n\n\n\n

But despite the launch of its beta version in Argentina, Revolut cannot yet be used in the country.<\/p>\n\n\n\n

\u201cThe European SuperApp valued at +$30 billion that has already landed in #Mexico has opened a waiting list for its Beta version in Argentina,\u201d Ignacio Carballo, director of the Fintech Programs Ecosystem for Latin America at the Universidad Cat\u00f3lica Argentina (UCA), tweeted<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u201cIn addition to the economic backing to compete with the leading wallet in the market on equal
terms, Revolut\u2019s model has everything,\u201d he added, pointing in particular to its multi-currency debit card service.<\/p>\n\n\n\n


The company has not yet announced with which services it will launch in Argentina.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Having hired country managers in Brazil and Mexico, the company with a $33 billion valuation has
\nbegun moves into
\nArgentina and has a waiting list of users.<\/p>\n","protected":false},"author":2,"featured_media":5619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[214,203],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/posts\/5622"}],"collection":[{"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/comments?post=5622"}],"version-history":[{"count":0,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/posts\/5622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/media\/5619"}],"wp:attachment":[{"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/media?parent=5622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/categories?post=5622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.n5now.com\/en\/wp-json\/wp\/v2\/tags?post=5622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}