Global fintech Revolut received final authorisation from the National Banking and Securities Commission (CNBV), with approval from the Bank of Mexico, to start operations as a Multiple Banking Institution in Mexico.
The approval is the last regulatory step required before the company can launch its services to the public, cementing its long-term commitment to the Mexican market.
The milestone makes Revolut the first independent digital bank to directly apply for and successfully complete the full licensing and approval process “from scratch” in the country. Revolut is now preparing to launch its product to customers in Mexico who have signed up on the company’s waiting list.
A fully regulated digital bank for Mexico
Operating as a fully regulated bank in Mexico allows Revolut to offer a comprehensive range of financial services with enhanced customer protection. This includes insuring all customer deposits up to approximately 3.4million MXN by the local Institute for the Protection of Bank Savings (IPAB).
The company stated it is continuing to invest heavily in the market by building a local team and is actively hiring for various functions.
Juan Miguel Guerra, chief executive officer of Revolut Bank S.A. in Mexico, commented: “We are exceptionally proud of our team and the bank we have built here in Mexico. We are very grateful to the authorities for this vote of confidence and their commitment to fostering competition in the industry, and we are confident that our offering will benefit of millions of people across the country.”
Guerra added: “We have tailored our world-class banking app to serve customers across Mexico, while at home or abroad, and this is just the beginning. We will continue to innovate and launch more products to serve all our customers’ needs in one place, so stay tuned!”
Expansion in the Americas
This move reaffirms Revolut’s strategic commitment to expanding its presence in the Americas, building on its existing operations in the USA and Brazil. The company is also pursuing a full banking licence in Colombia and is in the process of acquiring a bank in Argentina.
Revolut, which serves over 65 million customers worldwide, stated its intention to become a key player in the Mexican financial sector by providing a digital alternative to traditional banks. Users interested in the service can sign up on the company’s waitlist.
