After recently committing $37 million to set up a bank in Colombia, British neobank Revolut has announced that it has received final authorization from the National Banking and Securities Commission (CNBV), with the approval of the Bank of Mexico, to begin operating as a Multi-Banking Institution in Mexico. The company said this landmark approval is the final regulatory step required before opening the bank’s doors to the public, reinforcing its long-term commitment to the Mexican market.
This milestone completes Revolut’s journey to become the first independent digital bank to directly apply and successfully complete the full “from scratch” licensing and approval process in the country. Revolut is now preparing to launch its product to people in Mexico who have signed up to 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) up to approx. 3.4mm MXN. Revolut continues to invest heavily in the market with a world-class local team, actively recruiting across various levels and functions.
Juan Miguel Guerra, CEO of Revolut Bank SA, Institución de Banca Múltiple, Revolut’s bank in Mexico, said:
“We are extremely proud of our team and the bank we have created here in Mexico. We are very grateful to the authorities for this vote of confidence and their commitment to encourage competition in the industry, and we are confident that our offer will benefit millions of people across the country.
“We’ve adapted our world-class banking app to serve customers all over Mexico, at home or abroad, and this is just the beginning. We’ll continue to innovate and launch more products to serve all of our customers’ needs in one place, so stay tuned!”
This important milestone confirms Revolut’s strategic commitment to expand its presence in the Americas, building on its presence in the US and Brazil. The company is also seeking 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 Mexico’s 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 join the waiting list at revolut.com/es-mx.