Global financial technology company Revolut said it has officially launched banking operations in Mexico, marking its first bank outside Europe and a major step in its international expansion.
The company said Revolut Bank S.A., Institución de Banca Múltiple, has begun operating after receiving a banking license from Mexico’s National Banking and Securities Commission, known by its Spanish acronym CNBV, in October last year.
The license was the first Revolut has obtained outside Europe. With the launch in Mexico, the company now operates in 40 countries, Revolut said, underscoring its ambition to expand in key global markets.
Revolut said it is the first independent digital bank to receive a banking license in Mexico through a direct application process. The bank’s capital exceeds $100 million, more than double the regulatory minimum, giving it an initial capital adequacy ratio of 447.2%, according to the company.
“We came to revolutionise banking in Mexico,” said Juan Guerra, CEO of Revolut Bank in Mexico. “At last, there is an elegant digital alternative to traditional institutions, offering everything from savings to seamless international transfers and tools for the whole family.”
Founded in the United Kingdom in 2015, Revolut initially offered money transfer and currency exchange services. The company now has more than 70 million customers worldwide.
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