UK based neobank Revolut is continuing to expand on all fronts, announcing that it has secured authorization to establish Revolut Bank Colombia S.A. (‘Autorización de Constitución’) from the Superintendencia Financiera de Colombia (SFC). The company said that this significant milestone paves the way for its official entry into the Colombian market as a regulated bank, advancing Revolut’s mission to build the world’s first truly global bank.
Colombia license
The newly granted license enables Revolut to start building out its banking operations and infrastructure in Colombia. This is the first of two regulatory milestones Revolut is set to achieve in order to operate as a bank; the next step is to secure the license to operate formally as a bank (‘Licencia de Funcionamiento’). With this foundation in place, Revolut is now preparing for its 2026 launch, where it will introduce a full suite of digital banking products specifically designed for Colombian consumers -drawing on its experience in 39 other markets worldwide, including savings accounts, instant and fee-free international transfers between Revolut customers, and credit cards, among others.
Capital commitment
Revolut has committed an initial capital of 146 billion Colombian Pesos (or £28M / €32M / $37M) to fund the initial establishment and growth of its banking operations in the country. The company said that this investment underscores its long-term commitment to the Colombian market.
International expansion
Revolut’s global (and product) expansion steps in 2025 have included bringing on board Binance exec Reem Khayat to head Crypto product marketing, adding former Markets.com CEO Stavros Anastasiou as a Board Advisor, and establishing European headquarters in Paris headed by Béatrice Cossa-Dumurgier.
Diego Caicedo, CEO of Revolut Bank Colombia commented,
“This approval represents a significant step towards transforming the financial landscape in Colombia. We look forward to collaborating with local stakeholders and contributing to the development of a more inclusive and technologically advanced financial ecosystem in the country, bringing a new standard of digital banking convenience.”
Carlos Urrutia, Head of International Expansion at Revolut said,
“Receiving our banking incorporation licence in Colombia is a fundamental achievement for Revolut in Latin America and a testament to our commitment to expanding our global footprint. Furthermore, it is a demonstration of our confidence and commitment to Colombia and the region. This licence means that we will soon offer Colombian people and businesses innovative, transparent, and flexible financial solutions that truly empower them with greater control over their money.”
Revolut is rapidly expanding its global footprint, with a mission to become a top three financial app in every market it enters. Now live across the EU, the UK, Australia, Japan, New Zealand, Singapore, the US, and India, the company is rapidly increasing its presence in Latin America. Following its launch in Brazil in May 2023, Revolut has announced its intention to launch in Argentina, while also preparing to launch in Mexico after receiving its banking license in 2024.
Revolut’s operations in Colombia will be conducted by a local subsidiary, Revolut Bank Colombia S.A., which is now a bank in phase of authorization after receiving the incorporation license. The “pre-operative” stage is a common regulatory process for new banks in Colombia, allowing them to complete operational readiness before a full launch. Further details regarding product offerings and launch timelines will be announced in due course.
