Revolut Secures Regulatory Approval to Establish Bank in Colombia

Revolut has taken another major step in its global expansion, obtaining authorization from Colombia's financial regulator, the Superintendencia Financiera de Colombia (SFC), to establish Revolut Bank Colombia S.A. This initial approval - known as the "Autorización de Constitución" - marks the company's entry into the Colombian market as it works toward full banking operations in the country.

The authorization allows Revolut to begin building its local infrastructure and operations, laying the groundwork for the second stage of approval, the "Licencia de Funcionamiento," which will enable the neobank to operate officially as a bank. Revolut expects to launch services in Colombia in 2026, introducing a suite of digital banking products such as savings accounts, credit cards, and instant, fee-free international transfers between Revolut customers.

To support the rollout, Revolut has committed an initial capital investment of 146 billion Colombian pesos (approximately £28 million or $37 million). The company said the funding reflects its "long-term commitment to the Colombian market" and its goal of promoting financial inclusion through digital innovation.

"This approval represents a significant step towards transforming the financial landscape in Colombia," said Diego Caicedo, CEO of Revolut Bank Colombia. He added that the company aims to "contribute to the development of a more inclusive and technologically advanced financial ecosystem in the country."

Carlos Urrutia, Head of International Expansion, described the license as "a fundamental achievement for Revolut in Latin America," emphasizing that it demonstrates the company's "confidence and commitment to Colombia and the region."

Revolut's Colombian operations will be managed by its local subsidiary, Revolut Bank Colombia S.A., which is currently in a pre-operational phase - a common stage for newly authorized banks in the country. Once fully operational, the company plans to tailor its digital offerings to local needs, drawing on its experience in over 39 markets, including the UK, EU, US, Japan, and India.

The move comes as Revolut continues to grow its footprint across Latin America. Following its launch in Brazil in 2023 and the acquisition of a banking license in Mexico in 2024, the neobank has also announced plans to enter Argentina. Together, these efforts reflect Revolut's broader ambition to become a top-tier financial app in every market it enters.