UK-based fintech Revolut has received approval to commence full banking operations in Mexico.
The firm has secured final authorization from the National Banking and Securities Commission, with backing from the Bank of Mexico, to operate as a multiple banking institution. Revolut, which boasts over 65 million users globally, has been actively hiring in Mexico, led by Juan Miguel Guerra Dávila.
The company aims to capture a significant share of the extensive cross-border remittance market in Mexico while offering a comprehensive range of financial services. Guerra stated, “We have tailored our world-class banking app to serve customers across Mexico, whether at home or abroad, and this is just the beginning. We will continue to innovate and launch more products to meet all our customers’ needs in one place, so stay tuned!”
This move comes as Revolut faces challenges in securing approval in its home market of the UK. Recently, the Financial Times reported that regulators have raised concerns over the fintech’s risk controls related to cross-border payments. Officials seek assurances that Revolut will enhance its risk management controls as part of its rapid international expansion before granting a full banking license.
Mexico is just one target market for Revolut. The company has outlined a five-year global plan to invest £10 billion and create 10,000 jobs, aiming for 100 million customers by mid-2027 and entry into 30 new markets by 2030.