By Brazil Stock Guide – Revolut appointed former Brazilian Economy Minister Paulo Guedes to its independent advisory board in Brazil, adding a high-profile market figure as the UK fintech seeks to strengthen its local governance and expand its presence in Latin America’s largest economy.
The advisory board will also include Luiz Lobo, who serves on boards or risk and audit committees at several financial institutions, including Caixa Econômica Federal and BR Partners (BRBI11), and Ana Novaes, a former board member at B3 SA (B3SA3) who also spent six years on the board of the Credit Guarantee Fund, known as FGC.
“We are building a long-term operation in Brazil, aligned with the highest global standards of governance and supervision,” Glauber Mota, chief executive officer of Revolut Brazil, said in a statement. “The arrival of Paulo Guedes, Luiz Lobo and Ana Novaes significantly strengthens our institutional capabilities and adds highly complementary experience.”
Revolut said Guedes, who served in former President Jair Bolsonaro’s administration, brings experience in macroeconomics, financial markets and capital markets. “His macroeconomic knowledge and extensive network of international relationships were decisive factors in his incorporation into Revolut’s group of advisers,” the company said.
Founded in the UK in 2015, Revolut entered Brazil in 2023. The company currently offers products in the country including a reais-denominated checking account, credit, investments and a multi-currency global account.
Globally, Revolut has 75 million customers, according to the company. The fintech is also seeking to enter the US, the world’s largest financial market, following a path also pursued by Nu Holdings Ltd. (NU), the parent company of Nubank.
The new advisory board underscores Revolut’s effort to reinforce its institutional profile in Brazil as competition intensifies among digital banks, brokerages and fintech platforms serving retail customers and investors.
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