By: 16 April 2024

UK challenger Revolut has received a banking licence from Mexico’s National Banking and Securities Commission

Revolut to launch operations in Mexico

UK challenger Revolut has received a banking licence from Mexico’s National Banking and Securities Commission (CNBV) to operate a neobanking subsidiary in the country.

Having been previously cited by the organisation as a key region for international expansion, Revolut has been in pursuit of the approval since 2021. It went so far as to hire former RappiPay executive Juan Miguel Guerra to spearhead its entry into the market.

Its efforts were rewarded in December 2022 when the regulator granted it a money transmitter licence. This is, however, due to expire at the end of 2025.

In order to upgrade to a banking licence, Revolut was required to secure starting capital of MXN 1.44bn ($88m), according to the CNBV’s mandate, with the figure increasing to MXN 1.81bn ($110m) prior to the launch of operations.

Having secured this, the UK-based company is expected to launch money transfer services upon its debut, with a broader set of financial products to follow on.

Mexico will join 41 other countries where Revolut currently operates money transfer services free of charge. At present, the bank’s regional website encourages potential customers to join a waiting list for these services, with the promise of launching operations very soon.

The move continues Revolut’s international expansion, following the recent launch of their eSim without roaming charges.

Image: Revolut

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.