Revolut announces expansion plans into Colombia

The global fintech company plans to bring its innovative financial solutions to one of Latin America's most dynamic economies, empowering Colombian consumers with seamless digital banking

Revolut, one of the world’s leading fintechs and global financial apps, today announces its official plans to expand its operations to Colombia, continuing its mission to build a borderless financial system for the world. With over 45 million customers worldwide and a presence in the UK, Europe and key markets across the Americas and Asia, Revolut is now set to deliver its unique suite of digital banking solutions to Colombia, one of the fastest-growing markets in Latin America.

Revolut has initiated the application process for a banking licence with the Superintendencia Financiera de Colombia ensuring that it will offer a full banking experience to customers in the country. Revolut is also providing the capital and resources needed to meet the highest regulatory standards, showcasing its long-term vision for the region.

Revolutionising Financial Access in Colombia

Colombia is a vibrant market with a rapidly evolving digital economy. According to data from the Colombian Ministry of Information and Communications Technology, 80% of Colombians now have access to the internet, and the fintech sector is experiencing unprecedented growth. Revolut’s entry into Colombia aligns with the growing demand for digital financial services that are inclusive, transparent, and tailored to modern lifestyles.

Furthermore, Colombia’s progressive regulatory environment, where instant payments and open banking are being actively pushed, provides a familiar operating landscape for Revolut. Having seen similar trends thrive in Europe, Revolut is confident in its ability to succeed and contribute positively to the Colombian financial ecosystem.

Addressing the Needs of Colombia's Diaspora and Remittances Market

Colombia has a diaspora of over 4 million people in countries where Revolut already operates. Additionally, more than 9 million Colombians receive remittances, with a projected flow of over $12 billion USD in 2024. The average cost of sending a $200 remittance is currently around 6%, according to the World Bank. However, within the Revolut P2P network, these costs can drop to nearly zero, offering significant savings to consumers.

Once authorised by the Superintendencia Financiera de Colombia, Revolut’s initial offerings in Colombia will include:

Instant international money transfers: Low-cost, fast transfers to and from over 30 countries at competitive exchange rates, particularly benefiting the millions of Colombians receiving remittances each year.

Multi-currency accounts: The ability to hold, exchange, and spend in over 30 currencies from a single account, making travel and cross-border commerce easier than ever.

Smart budgeting tools: Insights and analytics to help users manage their spending, saving, and investments efficiently.

Credit products suited to the population’s everyday spending needs.

Early access to new products: Colombian users will be among the first in Latin America to experience Revolut’s upcoming services.

A Key Step in Revolut’s Latin American Strategy

Colombia will mark the fourth market in the Americas region for Revolut, following its successful launch in Brazil, a recently obtained bank licence in Mexico, and its existing operations in the United States. The company sees tremendous potential for growth in the region and aims to bring its financial super app to millions of users across Latin America. The decision to enter Colombia stems from the country's robust tech infrastructure, burgeoning fintech ecosystem, and strong demand for innovative digital banking solutions.

Diego Caicedo, appointed CEO of Revolut Colombia, adds: “We are thrilled to bring Revolut to Colombia. This is a key market for us as we continue to expand across Latin America. We believe our platform will empower Colombians to take control of their finances and provide a more efficient alternative to traditional banking services. We are committed to contributing to the local fintech ecosystem and working with regulators, supervisors and partners to make digital banking more accessible to everyone.”

Local Commitment to Compliance

Revolut’s expansion into Colombia will be supported by a dedicated team in Bogotá. The launch is conditional to obtaining the relevant licences from the authorities. Revolut has been pleased to find very receptive, robust and strong regulatory and supervisory institutions. The company is working to ensure full compliance with local laws and standards, reinforcing its commitment to safety, security, and transparency.

Revolut plans to roll out features tailored specifically to the Colombian market, with the goal of supporting consumers, freelancers, and small businesses in managing their finances more effectively. The company is dedicated to deploying its full product suite over time and is uniquely positioned to become the main bank for its Colombian clients.