Neobank Revolut has secured final authorisation from the National Banking and Securities Commission (CNBV), with the approval of the Bank of Mexico, to commence operations as a multiple banking institution in Mexico.
The licence marks Revolut’s completion of the full licencing and approval process “from scratch” in the country, claimed to be a first for an independent digital bank.
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Revolut is now gearing up to introduce its banking services to Mexican consumers who have pre-registered.
By obtaining a full banking licence, Revolut can provide financial services in Mexico, with the added security of customer deposits insured by the Instituto para la Protección al Ahorro (IPAB) for up to approximately 3.4m pesos.
The firm aims to make investments and recruitment for its local workforce as part of Mexican market expansion.
Revolut Bank, Institución de Banca Múltiple – Revolut’s bank in Mexico CEO Juan Miguel Guerra 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.
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By GlobalData“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 expansion into Mexico is part of Revolut’s growth in the Americas, adding to its operations in the US and Brazil, and the ongoing acquisition of an Argentine bank.
Last week, the Financial Times reported that the neobank is experiencing delays in obtaining a full UK banking licence due to regulatory concerns about its risk management capabilities.
The Bank of England has requested commitments from Revolut to strengthen its risk management infrastructure in alignment with its international growth objectives.
Earlier this month, Revolut received the green light from Colombia’s Superintendencia Financiera de Colombia (SFC) to establish banking operations, with a target to launch digital banking services by 2026.
