Revolut Receives Banking License for Mexico
The British neobank Revolut has received final approval to commence banking operations in Mexico and is already setting its sights on other countries.
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Revolut continues to drive its global expansion. The British fintech has now received final approval from the National Banking and Securities Commission (CNBV) with the consent of the Bank of Mexico to begin its banking operations in the North American country. Revolut announced this last week.
"This crucial approval is the final regulatory step required before the bank can open its doors to the public, solidifying its long-term commitment to the Mexican market," the company stated in a statement. According to its own statements, Revolut is the first independent digital bank to apply for and successfully complete the full licensing and approval process in the country "from scratch." In recent years, various fintech companies have begun offering financial services in Mexico, but most of them are not supported by the Mexican banking system.
Improved Customer Protection and Deposit Insurance
As a fully regulated bank, Revolut can operate in Mexico just like any other banking institution and offer its customers a comprehensive range of financial services with enhanced customer protection. This includes deposit insurance guaranteed by the Mexican government of up to 3.4 million Mexican pesos (around 159,000 euros)). Revolut will initially launch a beta phase in Mexico with a select group of users and hopes to begin full-scale operations early next year. Interested users can join a waiting list via the company's website, according to Revolut.
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The British neobank reiterated that it intends to continue expanding on the American continent, building on its presence in the USA and Brazil. In addition to a "significant role in the Mexican financial sector," Revolut is also seeking a full banking license in Colombia and is in the process of acquiring a bank in Argentina. The growth plans are supported by a massive increase in revenue and record profit last year. Upon opening its new headquarters in London a few weeks ago, the company announced global investments of 11.5 billion euros over the next five years. The goal is to reach the mark of 100 million retail customers by mid-2027. Revolut currently has well over 65 million retail customers worldwide.
(akn)
