Background on Revolut and its Significance
Revolut, a prominent British fintech company with global reach, has received the final authorization from Mexico’s National Banking and Securities Commission (CNBV) and the approval of Banco de México (Banxico) to commence operations as a bank in the country. This development comes after Revolut secured approval from Mexican financial authorities in April 2024 to establish itself as a bank.
Beta Phase and User Registration
Revolut, with over 65 million retail customers worldwide, will now enter a beta phase in Mexico with select users and aims to launch its services on a large scale by early 2026. Interested users can sign up for the waiting list through Revolut’s website.
Regulatory Milestone and Service Offerings
Revolut highlighted that this authorization is the final regulatory step before opening its doors to the public, solidifying its long-term commitment to the Mexican market. The company emphasized that this achievement completes its journey to become the first independent digital bank to successfully complete the licensing and approval process “from scratch” in Mexico.
As a fully regulated bank, Revolut can now offer an extensive range of financial services with enhanced customer protection. This includes insured deposits up to approximately 3.4 million Mexican pesos, safeguarded by the Institute for the Protection of Bank Savings (IPAB).
Benefits for Millions in the Country
Juan Miguel Guerra, CEO of Revolut Bank in Mexico, expressed gratitude for the trust shown by authorities and their commitment to fostering competition in the industry.
“We are very grateful to the authorities for this vote of confidence and their dedication to promoting competition in the industry. We are confident that our offering will benefit millions of people across the country,” Guerra stated.
He added, “We have tailored our world-class banking app to cater to customers throughout Mexico, whether at home or abroad. This is just the beginning; we will continue innovating and introducing more products to meet all our customers’ needs in one place.”
Expanding Presence in the Region
Revolut’s authorization reinforces its strategic commitment to expand its presence in the Americas, building on its existing footprint in the United States and Brazil.
The company is also seeking a banking license in Colombia and is in the process of acquiring a bank in Argentina.
“Revolut will become a key player in the Mexican financial sector by providing an innovative, comprehensive, elegant, and secure digital alternative to traditional banks,” Revolut stated.
This marks the first Revolut bank to launch outside of Europe.
Key Questions and Answers
- What is Revolut? Revolut is a British fintech company offering digital banking services with over 65 million retail customers globally.
- What authorization did Revolut receive in Mexico? Revolut received final authorization from Mexico’s National Banking and Securities Commission (CNBV) and approval from Banco de México (Banxico) to operate as a bank in the country.
- When will Revolut launch its services in Mexico? Revolut plans to begin a beta phase in Mexico soon, with full-scale operations expected by early 2026.
- What services will Revolut offer in Mexico? As a fully regulated bank, Revolut will provide an extensive range of financial services with enhanced customer protection, including insured deposits up to approximately 3.4 million Mexican pesos.
- How will this impact the Mexican market? Revolut aims to benefit millions of people in Mexico by offering an innovative, comprehensive, elegant, and secure digital alternative to traditional banks.
- What are Revolut’s expansion plans in the Americas? Revolut intends to expand its presence in the Americas, with existing operations in the United States and Brazil, and plans to seek a banking license in Colombia and acquire a bank in Argentina.
