- Banking Licence Approval:
- UK challenger Revolut has received a banking license from Mexico’s National Banking and Securities Commission (CNBV) to operate a neobanking subsidiary in the country.
- Strategic Expansion:
- Mexico has been cited by Revolut as a “key region for international expansion”, with efforts to obtain approval initiated in 2021 with the hiring of former RappiPay executive Juan Miguel Guerra to lead the entry into the market.
- Regulatory Milestones:
- Initially granted a money transmitter licence in December 2022, Revolut secured the banking licence by meeting the CNBV’s capital requirements of MXN 1.44 billion ($88 million), increasing to MXN 1.81 billion ($110 million) before operational launch.
- Service Offerings:
- Revolut is expected to commence operations with money transfer services, with plans to introduce a broader set of financial products subsequently.
- Impact on Customers:
- Mexico will join the 41 other countries where Revolut operates money transfer services free of charge, expected to have a direct impact on the lives of millions of people in Mexico and the continent.
- Upcoming Launch:
- Revolut’s regional website is inviting potential customers to join a waiting list for services, with operations set to launch “very soon”.
- Positive Outlook:
- Juan Miguel Guerra highlights the significance of Revolut’s entry into Mexico, emphasizing the provision of comprehensive financial services through a single app.
- Continued Expansion in the Americas:
- The approval in Mexico represents a significant step in Revolut’s broader plan to expand its presence in the Americas, following its entry into Brazil announced in May last year.
Revolut to launch operations in Mexico with new banking licence
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