Revolut finds unexpected success in Brazil via premium rewards program

Revolut is seeing unexpected success in the Brazilian market with its premium Ultra credit card. While the fintech initially expected low-cost foreign exchange (FX) to be the primary driver for adoption, the product's rewards program has become the main catalyst for growth.

Glauber Mota, CEO of Revolut Brazil, noted that the company reached its three-month sales target for the Ultra card in just two weeks. The success is attributed to a high-value points system that allows for a one-to-one conversion rate with various international airlines, making the points significantly more valuable than those offered by traditional local competitors.

Mota emphasized that maintaining customer loyalty requires constant reinvention. Revolut's strategy involves subsidizing high volumes of FX transactions to drive usage, while diversifying revenue through benefit plans, interchange fees, and business services.