After recently committing $37 million to establish a bank in Colombia, UK based neobank Revolut has announced that it has received final authorisation from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico, to start operations as a Multiple Banking Institution in Mexico. The company said that this pivotal approval is the last regulatory step required before opening the bank’s doors to the public, cementing its long-term commitment to the Mexican market.
This milestone completes Revolut’s journey to becoming 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 people in Mexico who have signed up on the waiting list.
A Fully Regulated Digital Global Bank for Mexico
Being a fully-regulated bank allows Revolut to offer a comprehensive range of financial services with enhanced customer protection, including deposits insured by the IPAB (Instituto para la Protección al Ahorro) for up to ca. 3.4mm MXN. Revolut continues to invest heavily in the market with a world-class local team, actively hiring across levels and functions.
Juan Miguel Guerra, CEO of Revolut Bank S.A., Institución de Banca Múltiple, Revolut’s bank in Mexico, said,
“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.
“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!”
This significant milestone reaffirms Revolut’s strategic commitment to expanding its presence in the Americas, building on its presence in the USA and Brazil. The company is also pursuing a full banking license in Colombia, and is in the process of acquiring a bank in Argentina. Revolut is set to become a key player in the Mexican financial sector by providing an innovative, complete, elegant and secure digital alternative to traditional banks.
Users interested in being among the first to experience Revolut’s services can sign up on the waiting list at revolut.com/es-mx.
