UK-based fintech company and neobank, Revolut, announces that it has secured a banking license from Mexico's National Banking and Securities Commission (CNBV).
"This license will allow Revolut to offer a wide range of financial products and services to users in Mexico," the company said in a statement.
It's worth noting that Revolut has been seeking this authorization since 2021, as it sees Mexico as an important region to enter promising markets in South and North America.
In December 2022, the company received its money transfer license, a milestone to strengthen its position in Mexico, FinTech Futures reported.
However, in order to obtain a banking license, Revolut had to meet the requirements of the Mexican regulator, which required an initial capital of 1.44 billion pesos, which will be increased to 1.81 billion pesos before starting operations.
The fintech company is expected to launch money transfer services in Mexico after its debut, followed by a broader range of financial products.
Cross-border remittances in Mexico reached a record $63.3 billion in 2023, mostly from the United States, an increase of nearly 8 percent from the previous year.
Revolut will offer free remittance services, which it plans to launch in the near future.
"Mexico will finally have a digital bank that offers a full range of services in one app," said Juan Miguel Guerra, Revolut's representative in Mexico.
Obtaining a banking license is an important step in Revolut's ambitious plan for international expansion.
