Revolut to launch operations in Mexico with new banking licence
UK challenger Revolut has received a banking licence from Mexico’s National Banking and Securities Commission (CNBV) to operate a neobanking subsidiary in the country.
Revolut gains banking licence from CNBV
Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market.
Its efforts were rewarded in December 2022, when the regulator granted it a money transmitter licence, which is due to expire at the end of next year.
However, to upgrade to a banking licence, Revolut was required to secure starting capital of MXN 1.44 billion ($88 million), according to the CNBV’s mandate, with the figure increasing to MXN 1.81 billion ($110 million) prior to the launch of operations.
Having achieved this feat, the fintech is expected to launch money transfer services upon its debut, with a broader set of financial products to follow.
Mexico will join the 41 other countries where Revolut currently operates money transfer services free of charge. A representative for the bank in Mexico tells FinTech Futures that this provision would “have a direct impact on the lives of millions of people in Mexico and the continent”.
At present, the bank’s regional website encourages potential customers to join a waiting list for these services, with the promise of launching operations “very soon”.
“We are getting closer every day to being able to bring the best of the finance world to Mexico,” Guerra comments. “At last, in Mexico there will be a digital bank that offers the full range of services in a single app.”
The news represents an encouraging progression in Revolut’s ambitious plan to take the Americas after it previously announced its entry into Brazil last May.
