Revolut plans to launch its operations in Mexico during the first half of 2025, according to Juan Miguel Guerra Dávila, the company's CEO in Mexico. Guerra stated that there are over 100,000 people on the waiting list to become customers.

Speaking to the media after the Finnosummit 2024 event, Guerra said: “I’m hopeful that we can launch in the first half of next year, but I’m not certain. It could be sooner, it could be later.”

Revolut Awaits Final Authorization

Revolut received a banking license from Mexico’s National Banking and Securities Commission (CNBV) in April. However, the company still requires final authorization before it can officially begin operations.

Guerra mentioned that they are currently working through the necessary steps to receive this approval. He added that they are “on the right track” but noted potential delays, including the upcoming federal government transition.

Meanwhile, Revolut has launched a new platform called Revolut Invest, enhancing its wealth management services with contracts for differences (CFDs), as reported by Finance Magnates. The app will provide access to approximately 5,000 assets, including US and European stocks, ETFs, commodities, and bonds.

CFDs are being offered through Revolut Securities Europe UAB, based in Lithuania, initially available in the Czech Republic, Denmark, and Greece. The app is currently in testing and plans to expand to other European Economic Area countries by year-end.

Preparing Product Offerings

In the meantime, Revolut is preparing the products it plans to offer at launch. These include a bank account with no deposit limits, referred to as a level 4 account, and international money transfer services.

#Revolut Mexico CEO Juan Guerra expects to start operations in the first half of 2025, subject to final approvals.
With 180 employees, initially Revolut plans to launch deposit accounts and international transfers, in longer term expectations to bring all banking services to…

— Max Karpis (@maxkarpis) September 26, 2024

Guerra also mentioned the possibility of competing in “rate wars” by offering a high-yield savings product, which is a common strategy used by financial institutions to attract customers. However, he believes Revolut’s primary selling point will be its free international transfers.