Key Insights
- Revolut has received a banking license in Mexico from the country’s National Banking and Securities Commission
- The new license will enable Revolut to establish itself as a fully-fledged bank in the Latin American market
- The expansion into Mexico is part of Revolut’s broader global growth strategy
MEXICO CITY (MarketsXplora) – Revolut, the fast-growing UK-based financial technology firm, has continued its global expansion with the acquisition of a banking license in Mexico, allowing the company to establish itself as a fully-fledged bank in the Latin American market.
The approval from Mexico’s National Banking and Securities Commission (CNBV) marks a significant milestone for Revolut as it seeks to cement its presence across an array of international markets.
“This license will allow Revolut to offer a wide range of financial products and services to users in Mexico,” the company said in a statement, noting that it is now preparing for a third-party audit process ahead of the launch of its Mexican operations.
The British fintech’s primary focus in Mexico will be on cross-border remittances, a lucrative segment in the country where remittances jumped 8% to reach a record $63.3 billion in 2023, the bulk of which originated from the United States.
“Mexico represents a strategic market for Revolut as we continue our global expansion,” said Nikolay Storonsky, Revolut’s co-founder and CEO. “With our new banking license, we are well-positioned to capitalize on the significant opportunity in cross-border payments and remittances.”
The move into Mexico comes as Revolut continues to aggressively expand its footprint worldwide. The company, which already holds a banking license in the European Economic Area through its Lithuanian subsidiary, has also applied for a local banking permit in its home market of the UK.
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Last November, Revolut appointed Francesca Carlesi, the co-founder of a digital mortgage lender, as the new CEO of its UK division, underscoring the firm’s ambitions to cement its regulatory standing in the British market.
Overall, Revolut now holds around 50 regulatory permissions globally as it seeks to offer an increasingly diverse range of financial services to its rapidly growing customer base, which has now surpassed 40 million users worldwide.
The company will likely face competition from both established banks and other nimble fintech players, but industry analysts believe Revolut’s robust technology platform and suite of products could give it a competitive edge in the market.
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