Revolut receives banking authorization in Mexico and announces expansion plans are underway

The National Banking and Securities Commission (CNBV) has granted Revolut authorization to establish itself as a Multiple Banking Institution.

The company is preparing to expand operations in the country, and interested users can now sign up for the waiting list.

Millions of Mexican users will be able to benefit from Revolut's product offerings, such as seamless international transfers.

Revolut continues its commitment to expand in the Americas after successfully launching in Brazil in June 2023.

Revolut, the global fintech with more than 40 million customers around the world, today celebrates a major milestone in its international expansion strategy: the company received authorization to operate as a Multiple Banking Institution in Mexico and is now preparing to begin operations in the country.

The National Banking and Securities Commission (CNBV) has authorized Revolut to establish itself as a Multiple Banking Institution. This license will allow Revolut to offer a wide range of financial products and services to users in Mexico. Revolut appreciates the support of Mexican authorities, particularly the CNBV, Banco de México and the Ministry of Finance and Public Credit, throughout the application process.

Revolut Bank México has recruited a world-class local team and is now preparing for a third-party audit process by Mexican authorities that will signal the start of expansion plans. Those users interested in being the first to access Revolut services and products can register on the waiting list, now available through the following link: www.revolut.mx.

Revolut prioritizes a mission to promote financial inclusion. Currently, the company allows quick and easy cross-border remittances for its users in 41 countries. As one of the key services that the company will offer to the Mexican market, cross-border remittances will likely be of great value to users both inside and outside the country. According to data from the Bank of Mexico, in 2023 more than 63 billion US dollars were transferred from the US to Mexico. When Revolut effectively begins operations in Mexico, users on both sides of the border will be able to initiate streamlined remittances, making the daily lives of millions of eligible users easier.

Last June, Revolut announced its launch in Brazil, and this banking authorization in Mexico represents another huge step for the global fintech’s expansion efforts throughout Latin America. The company is reaffirming its intention to position itself as a disruptive player in the Latin American fintech sector.

Juan Miguel Guerra, General Director of Revolut Mexico, commented:“We are very proud to have received this authorization from the Mexican authorities. We are getting closer every day to being able to bring the best of the finance world to Mexico. At last, in Mexico there will be a digital bank that offers a full range of services in a single app with an excellent user experience.”The Revolut representative in Mexico adds:“Something that fills us with excitement is being able to allow unencumbered remittances between Mexico, the United States and forty other countries. This will likely have a direct impact on the lives of millions of people in Mexico and the continent.”

Juan Miguel has not only emphasized the usefulness that Revolut could have for the millions of Mexican users outside and inside the country, but also highlights his desire for Revolut to consolidate in the market, creating a national team that understands and works to respond to specific needs of Mexican customers. In fact, the company has several open vacancies in areas such as Credit, Engineering, Strategy and Operations, among others. Interested candidates can apply through www.revolut.com/careers.