Regulatory Milestone Achieved
The UK FinTech giant Revolut has reportedly secured final authorization from Mexican regulators to commence banking operations in the country, according to sources familiar with the matter. The National Banking and Securities Commission (CNBV), with approval from the Bank of Mexico, granted the company permission to operate as a multiple banking institution, the report states.
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This regulatory clearance “is the last regulatory step required before opening the bank’s doors to the public, cementing its long-term commitment to the Mexican market,” Revolut indicated in an official news release. The approval represents a significant achievement for the digital banking sector in Mexico, where FinTech companies operate under specific legal frameworks.
Strategic Latin American Expansion
Analysts suggest this Mexican approval accelerates Revolut’s broader strategy across Latin America. The development comes less than two weeks after the company received permission to establish banking operations in Colombia, with plans reportedly underway to launch financial products in that South American nation next year.
According to reports, Revolut has been making substantial investments in the region, including allocating more than $100 million toward Mexico’s remittance market. Sources indicate that Juan Miguel Guerra, Revolut Mexico CEO, told Reuters that most of these funds would support staffing needs, cover short-term obligations, and maintain robust cash reserves.
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“We will be watching how the business evolves,” Guerra reportedly stated. “The faster it grows, the more bets we will make.”
Digital Banking Transformation
The Mexican banking sector has been undergoing significant transformation driven by digital banking innovations and regulatory developments. Earlier this year, industry experts highlighted how the formal recognition of FinTech entities under Mexican law has created competitive pressure on traditional financial institutions.
Tory Jackson, head of business development and strategy for Latin America at Galileo Financial Technologies, previously explained to PYMNTS that “allowing for these different type of licenses to exist means different sorts of entities that can issue new products and services.” Jackson noted this dynamic “is pushing all of these traditional banks and institutions to look in the mirror and say, ‘Look, we need to be able to serve more of this population,’” adding that traditional players must “enhance our products, especially our digital products.”
Global Growth Strategy
Revolut’s Mexican banking license represents what the company describes as “the first independent digital bank to directly apply for and successfully complete the full licensing and approval process ‘from scratch’ in the country.” The London-based company is now reportedly preparing to launch services to Mexican customers who have joined their waiting list.
This expansion forms part of Revolut’s broader global strategy, which has included recent acquisitions such as the company’s purchase of Banco Cetelem, a small Argentinian lender owned by BNP Paribas, announced in June. The company’s continued investment in regulatory compliance and market development reflects ongoing industry developments in the financial technology sector.
As Revolut prepares to launch its Mexican banking operations, observers are watching how these recent technology advancements and market trends will shape the competitive landscape in Latin American financial services, with traditional institutions and digital players increasingly competing across multiple product categories and customer segments.
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