Revving up for Revolut Mexico

People · 4 June 2024Alex Carril

From Revolut's initial take-off in 2015, to launching in Brazil in 2023, our Latin American (LATAM) operations are setting their sights on a new frontier — Mexico. The CEO of Revolut Mexico, Juan Guerra, talks about these exciting times revving up to launch in this new market.

Juan embarked on his journey with Revolut with a mission to expand our business into Mexico. After nearly 2 years of dedicated efforts, the team proudly obtained a banking licence in Mexico. While we're tempted to chat with Juan about mezcal — one of his favourite topics to discuss — we’ll focus on gaining insider insights into the next steps of launching Revolut in this country.

With Revolut having recently been granted a banking licence in Mexico, can you share the meaning of this milestone?

A banking licence in Mexico is a very big deal and a sign of Revolut’s maturity and ability to really compete with other banks for customers’ primary banking relationships.

We're still a few months away from being able to get customers signed up. In the meantime, we’re making sure everything is built and ready so we can hit the ground running when we get the green light to operate. Until then, everyone who wishes to use Revolut in Mexico can join the waiting list.

How does a banking licence propel Revolut’s launch in Mexico and contribute to the company's overall growth strategy?

Revolut has 2 major strengths: being a one-stop shop for financial features and enabling free and instant money transfers across borders for people using the app. In Mexico, a country with only 50 banks, where 4 banks hold 64% of assets, and where over 2 million people become adults each year, we have the opportunity to become a top 3 bank in the next 5 years. We’re bold and want to become the primary bank for millions of customers, and a banking licence in Mexico will help us achieve that. No other licence (or combination of licences) allows us to offer all banking products in a single app.

Also, the US-Mexico corridor is the largest in the world, with over 60 billion USD in annual flows. Offering money transfers between Revolut users across this border is a key differentiating feature for us. Besides being crucial for our growth, it'll also act as a much-needed driver for financial inclusion in the region.

Mexico is the 14th largest economy in the world and has bright prospects. Almost half of the population remains unbanked, even though most people own a smartphone. It's an extremely attractive market, which offers a chance to foster inclusion as we grow our business.

What unique opportunities or challenges do you foresee in the Mexican market for Revolut?

One of the main challenges will be gaining trust and raising awareness among potential customers. We’ll need to build our brand almost from scratch. However, we believe there’s immense potential in the Mexican market, with a population eager to embrace digital banking. Most fintechs operating locally have been able to attract over 1 million customers in 12–36 months. We should do much better than that. Our suite of features and banking licence offer us a significant advantage.

As operations in Mexico ramp up, what types of career opportunities will be available?

We’re currently recruiting for various roles across departments, such as Risk & Compliance, Legal, Marketing, Strategy & Operations Management, and Finance. We’re looking for experienced professionals in banking and fintech, who are resilient. They also need to have an entrepreneurial mindset, and a passion for transforming the industry and delivering impact in the local market, with the willingness to take on new challenges. Interested candidates can apply through our careers website.

How do you envision Revolut making a positive impact on the local community and economy in Mexico?

Our ability to offer free, instant cross-border transfers for Revolut customers between Mexico, the United States, and nearly 40 other countries will have a significant impact on millions of people in Mexico and across the continent. Annually, over 60 billion USD are sent from the US to Mexico. If all this money flowed through transfers between Revolut customers, we’d be putting over 3 billion dollars back in the pockets of some of the hardest-working people in Mexico and the USA.

Our suite of services in Mexico and the USA will contribute to economic growth by facilitating trade and commerce across borders. It’ll also save people time from queues in stores, branches, or on the phone, and set a new bar for quality, service, and pricing in Mexico. We’re excited about the opportunities to empower people and businesses in Mexico to make their money work harder for them through our innovative products and services.

Can you share any insights into the long-term vision and goals for Revolut's presence in Mexico?

Our goal is to establish Revolut as the leading platform for comprehensive financial services in Mexico. We aim to create a national team that understands and responds to the specific needs of our customers, providing them with a seamless and personalised banking experience.

The journey of launching Revolut in Mexico represents a significant milestone in the company's expansion efforts worldwide. With the banking licence in place and the dedication of the wider team, from London to Mexico, Revolut is poised to make a meaningful impact on the financial landscape of Mexico. As we prepare to launch, there’s a sense of excitement and anticipation for the opportunities that lie ahead. With a commitment to fostering financial inclusion, driving positive change in the local community, and delivering exceptional value to customers, Revolut's presence in Mexico holds promise for a brighter future in banking.

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