Revolut Hires Bolsonaro-Era Minister to Push Into Brazil Banking

Brazil · Business

Revolut, the London-based banking app, has hired one of Brazil’s best-known economic policymakers as it prepares a serious assault on Latin America’s largest financial market.

The British fintech Revolut said on Thursday that it has appointed Paulo Guedes, Brazil’s economy minister from 2019 to 2022, to a newly created independent advisory board for its local operation. The move is a clear signal of how much weight the company is putting behind its Brazilian ambitions.

Guedes will sit purely as an adviser rather than an executive. He brings a doctorate in economics from the University of Chicago and a deep network in finance and policy.

Why Revolut wants a heavyweight board

The hire is not just about prestige. Revolut is preparing to apply for a full banking licence in Brazil, and that means convincing one of the world’s strictest financial regulators.

Today the company operates under a narrower permit that limits what it can offer. A full licence would let it take deposits and build out lending the way a traditional bank does.

Guedes is not joining alone. The new board also includes Luiz Lobo, a specialist in risk, audit, and compliance, and Ana Novaes, who has served on the board of the B3 stock exchange and spent years at the country’s deposit-guarantee fund.

Glauber Mota, who runs Revolut in Brazil, said the additions strengthen the firm’s institutional structure. He framed it as building a long-term operation aligned with global standards of governance and supervision.

Mota pointed to Guedes’s long arc in finance before politics, from his early days at the investment bank Pactual through stints at other banks and in education. He called the former minister a technically complementary addition to the group.

Guedes, for his part, said he was enthusiastic about helping the company expand on solid institutional footing. He described Revolut as one of the leading names in a new generation of digital financial services.

A fintech arms race for famous names

The Revolut announcement fits a striking pattern. Less than a year ago, the Brazilian giant Nubank recruited Roberto Campos Neto, the country’s former central bank president, for its own US push.

In short order, two of the world’s biggest digital banks have reached for the very people who once set or supervised Brazil’s economic rules. The talent grab underlines how valuable insider knowledge of the system has become.

Behind it lies a simple calculation. As Brazil grows in importance to global payment platforms, so does the need to navigate one of the most complex regulatory and competitive environments anywhere.

What Revolut is up against

Brazil is a tough room to enter. It is home to Nubank, the largest independent digital bank in the world by customers, and to more than 1,500 other fintech startups.

Revolut arrived in 2023 and now offers a local-currency account, credit, investments, and a multi-currency global account. Worldwide it claims about 75 million customers, and like Nubank it is also trying to break into the United States.

Founded in London in 2015, the company has grown fast by undercutting traditional banks on fees and currency exchange. Brazil, with its huge population and high banking margins, is a natural prize.

For consumers, more competition tends to mean lower fees and sharper products. For investors, the question is whether a foreign newcomer can win share from entrenched local champions.

The advisory board is the latest sign that the contest is heating up. Hiring names that regulators and rivals know well is now part of the cost of competing seriously in Brazil.

Frequently Asked Questions

Who is Paulo Guedes?

He is a Brazilian economist who served as economy minister under President Jair Bolsonaro from 2019 to 2022. He holds a doctorate from the University of Chicago and will act only as an adviser to Revolut, not as an executive.

Why does Revolut want a banking licence in Brazil?

Its current permit limits the products it can offer in the country. A full banking licence would let it take deposits and expand lending, putting it on a more equal footing with established banks.

How does this compare with Nubank?

Nubank recently brought former central bank chief Roberto Campos Neto onto its US board. The two moves show rival fintechs competing to hire Brazil’s top economic-policy figures.