UK-headquartered digital bank Revolut has secured final authorisation from the National Banking and Securities Commission (CNBV) to launch operations as a multiple banking institution in Mexico.
Revolut has been preparing for a full-scale launch in the country for over four years, having first hired former RappiPay executive Juan Miguel Guerra to head its entry into Mexico in October 2021.
Just over a year later, the challenger landed a money transmitter licence from the regulator in December 2022. Its regulatory recognition continued into April last year, when Revolut upgraded this initial approval to a banking licence.
In a statement on its latest approval, Revolut says the final authorisation this week marks “the last regulatory step required before opening the bank’s doors to the public”.
As a fully-regulated bank in Mexico, Revolut plans to offer a “comprehensive range of financial services with enhanced customer protection”, the company statement continues, including deposit protection of up to MXN 3.4 million (approximately $184,530).
In preparation for the launch of its services, for which interested customers are currently being asked to join a waiting list, Revolut says it “continues to invest heavily in the market” and is “actively hiring across levels and functions”.
When contacted by FinTech Futures regarding a specific timeline for the launch, a Revolut spokesperson said: “We anticipate onboarding new customers soon. Specific timelines will depend on coordination with Mexican financial authorities and completing all operational transitions.”
This expansion into Mexico is part of an ongoing international growth strategy currently being pursued by the digital bank, which announced in September a £10 billion commitment to increase its retail customer base to 100 million globally by mid-2027.
This commitment also includes plans to enter more than 30 new markets by 2030. Aside from Mexico, Revolut says that it is “also pursuing a full banking licence in Colombia and is in the process of acquiring a bank in Argentina”, having previously debuted in Brazil in 2023.
Source: https://www.fintechfutures.com/
