Revolut has received approval from the Superintendencia Financiera de Colombia (SFC) to set up its banking operations within Colombia.  

The licence allows Revolut to begin building its banking infrastructure in Colombia, with plans to launch its digital banking services by 2026.  

These services are set to include savings accounts, international transfers, and credit card offerings, all designed with the Colombian consumer in mind, stated the firm. 

To facilitate the establishment and expansion of its Colombian operations, Revolut has allocated an initial investment of 146bn pesos ($37.5m).  

The move is part of the company’s strategy to increase its presence in Latin America, having already launched in Brazil and announced intentions for Argentina and Mexico. 

The Colombian venture will be managed by Revolut Bank Colombia, a locally incorporated subsidiary that is currently in a regulatory phase known as “pre-operative”.  

Revolut Bank Colombia CEO Diego Caicedo said: “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.” 

Last month, Revolut disclosed an investment strategy totalling $13bn over five years, aimed at driving its expansion across various global markets. 

This plan includes the creation of 10,000 jobs, with a investment of $4bn dedicated to the UK market, which is anticipated to result in the creation of over 1,000 jobs.  

Additional funds are being directed to enhance operations in Western Europe and the US.