Revolut has announced that it has obtained final regulatory approval to operate as a bank in Mexico, clearing the way for the UK-founded fintech to begin offering local financial services as it accelerates its expansion in Latin America.
The authorization was granted by Mexico’s National Banking and Securities Commission, with approval from the Bank of Mexico. The license allows Revolut to operate as a Multiple Banking Institution, meaning it can now accept deposits and offer regulated banking products in the country.
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Customized Banking App for 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,” said Juan Miguel Guerra, CEO of Revolut Bank S.A., Institución de Banca Múltiple, Revolut’s bank in Mexico.
“We have tailored our world-class banking app to serve customers across Mexico, while at home or abroad, and this is just the beginning,” he continued. “We will continue to innovate and launch more products to serve all our customers' needs in one place, so stay tuned!”
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Revolut said it will now start rolling out services to users who previously registered on its waiting list. With full banking status, Revolut will offer deposit accounts protected by Mexico’s deposit insurance agency, IPAB (Instituto para la Protección al Ahorro Bancario), for up to approximately 3.4 million pesos per customer.
The company has been building local operations and continues to hire across functions in Mexico. Through its mobile app, it plans to introduce a suite of banking and money management tools.
Following Expansion into Brazil and the US
The approval strengthens Revolut’s presence in the Americas, following its entry into the United States and Brazil. The fintech is also seeking a full banking license in Colombia and is in the process of acquiring a bank in Argentina.
Revolut said it aims to launch additional products in Mexico over time as it works toward capturing market share in a region where digital banking adoption continues to grow. Mexican residents can register for early access ahead of the public launch. Revolut did not disclose a specific launch date but said preparations are in the final stage.
Even as Revolut expands its offerings globally, challenges persist on its home turf. UK regulators recently delayed Revolut’s application for a full banking license due to concerns over the company’s global risk controls linked to its rapid international expansion.
The UK-based fintech received a restricted banking license from the Prudential Regulation Authority (PRA) last year as part of the standard “mobilization” phase, which allows firms to operate with limitations while preparing to meet full regulatory requirements.
Under this mobilization period, Revolut is permitted to accept only up to £50,000 in total customer deposits, significantly limiting its banking operations in the UK.
