British fintech Revolut is focusing on Mexico after obtaining a banking license in the country. The National Banking and Securities Commission has granted approval for the company to operate as a multiple banking institution in Latin America’s second-largest economy.
Revolut, which boasts over 40 million users, has been actively hiring in Mexico, building a team led by Juan Miguel Guerra Dávila. The firm aims to capture a significant share of Mexico’s substantial cross-border remittance market, valued at approximately $63 billion last year, while also emphasizing its intention to provide a broad array of financial products and services.
The launch in Mexico follows Revolut’s entry into Brazil a year earlier, where it introduced a global account with capabilities for foreign exchange and remittances across 27 currencies.