Fintech Revolut Bags Mexican Banking Authorization, Eyes Expansion

Fintech company Revolut received a banking license in Mexico and is preparing to expand operations in Latin America's no. 2 economy, the company said in a press release on Tuesday.

The company, which launched in Britain in 2015 and now boasts more than 40 million customers worldwide, said it will establish itself as a multiple banking institution after getting the green light from Mexico's National Banking and Securities Commission.

"This license will allow Revolut to offer a wide range of financial products and services to users in Mexico," the company said, adding that it is preparing for a third-party audit process by Mexican authorities that will signal the start of expansion plans.

The company aims to facilitate cross-border remittances for Mexican customers. Remittances to Mexico reached a record $63.3 billion in 2023, mostly sent from the United States and a nearly 8% jump from the prior year.

(Source: Reuters)