Fintech Revolut receives Mexican banking authorization. The company secures $110 million capital to operate in the country.

Fintech company Revolut received a banking license in Mexico and is preparing to expand operations in Latin America’s no. 2 economy, the company said in a press release.

The company, which launched in Britain in 2015 and now boasts more than 40 million customers worldwide, said it will establish itself as a multiple banking institution after getting the green light from Mexico’s National Banking and Securities Commission (CNBV).

„The company aims to facilitate cross-border remittances for Mexican customers. Remittances to Mexico reached a record $63.3 billion in 2023, mostly sent from the United States and a nearly 8% jump from the prior year.” – according to Reuters. Mexico will join a list of 41 other countries where Revolut currently offers its money transfer services free of charge. 

International press reported that in order to meet CNBV’s regulatory requirements, Revolut had to secure a decent starting capital of roughly MXN 1.44 billion ($88 million). The figure was later adjusted to MXN 1.81 billion ($110 million) ahead of its operational launch.

Revolut’s expansion into Mexico follows its recent entry into Brazil, as part of the company’s broader strategy to establish a strong presence in the Americas.

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In 2023, Revolut surpassed 35 million customers across 38 countries and managed to become the most downloaded app in the Finance category across nine countries and in the top three in 15 countries in Europe.

The company launched: in Brazil and New Zealand, Automated Investing in the US, local IBANs in Spain and Ireland, Ultra – its exclusive top-tier plan for retail customers in specific markets and Revolut 10, the company’s „most significant overhaul of the design and layout of the app yet”. Also, Revolut enabled Tap to Pay on iPhone for Business and Freelance customers in specific markets.