British fintech Revolut granted banking license in Mexico

UK-based fiscal exertion institution Revolut has received ceremonial authorization from the National Banking and Securities Commission to statesman operating arsenic a slope successful Mexico. 

The authorization follows the initial support granted by regulators successful April 2024, making Revolut the archetypal autarkic integer slope to successfully implicit the licensing and support process from scratch successful Mexico.

“We’re going to motorboat successful a substance of weeks and volition unfastened the doors to users successful our beta programme who person signed up for the waiting list,” Revolut México CEO Juan Guerra told Bloomberg Línea.

Serving much than 65 cardinal retail customers globally, Revolut had astir 200,000 registered users connected the database successful May and Guerra projected that the caller slope could scope up to 1.5 cardinal customers successful its archetypal twelvemonth of operation. 

As a afloat regulated bank, Revolut volition connection a wide scope of fiscal services with enhanced lawsuit extortion specified arsenic deposit security up to the ineligible limit.

“We’ve adapted our world-class banking app to service customers crossed Mexico, astatine location oregon abroad, and this is conscionable the beginning,” Guerra said. “We’ll proceed to innovate and motorboat much products to conscionable each of our customers’ needs successful 1 place.”

Revolut’s archetypal offering successful Mexico volition beryllium a slope relationship with features specified arsenic sharing expenses with others, tracking spending and making planetary wealth transfers, including transfers betwixt the U.S. and Mexico, 1 of the largest remittance corridors successful the world.

“The information tells america that banking attraction successful Mexico is higher than successful different Latin American countries, banking penetration is lower, costs are higher, prime is little — successful short, thing our state needs is greater competition,” Guerra said.

Revolut is investing heavy successful its Mexico operations, Guerra said, actively hiring crossed each areas and organizational levels successful an effort to make a world-class section team.

The Mexico motorboat is Revolut’s archetypal slope extracurricular of Europe, portion of its planetary enlargement program to scope 100 cardinal customers by mid-2027 and participate much than 30 caller markets by 2030.

Latin America is 1 of the cardinal regions successful its enlargement plan, Guerra said. The institution already operates successful Brazil, offering services but without a bank. In June, it acquired BNP’s Cetelem slope successful Argentina and it hopes to go a slope successful Colombia by adjacent year.

Nik Storonsky and Vlad Yatsenko founded Revolut successful 2015 and began offering currency speech and remittance services earlier expanding its portfolio to see different banking and fiscal products.

With reports from Bloomberg Línea, El Economista and El Financiero