Global fintech Revolut has launched full banking operations in Mexico, its first bank established outside of Europe.
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Following a beta phase, Revolut Bank SA Institución de Banca Múltiple is open for business months after becoming the first independent digital bank to obtain a banking license in Mexico through a direct application.
Revolut has been hiring in Mexico for some time, building a team led by Juan Miguel Guerra Dávila and has capitalised its operations with over $100 million – more than double the regulatory minimum.
The company is hoping to gain a significant share of the huge cross-border remittance market in Mexico but will also offer Mexican customers yield-bearing savings, borderless spending, bill payment, family accounts, and premium subscription for extra perks.
Latin America is a key part of Revolut’s five-year global plan to invest £10 billion and create 10,000 jobs as it guns for 100 million customers by mid 2027 and entry into 30 new markets by 2030.
It also operates in Brazil, Colombia and Argentina and this month set its sights on the Peruvian market, applying for a full banking license and appointing a CEO to lead operations in the country.
Nik Storonsky, CEO, Revolut, says: “Revolut’s technology will empower millions across Mexico with better financial tools. This launch is a blueprint for expansion into other high-growth markets, and we are confident in replicating this success on our journey to reach over 100 million daily active customers in 100 countries.”
