By bnl editorial staff

Revolut has received final authorisation from Mexico’s banking regulator to commence operations, clearing the path for the London-based fintech to launch services within weeks and intensify competition in Latin America’s second-largest economy.

The National Banking and Securities Commission granted operating approval on October 20, with the central bank’s endorsement, enabling Revolut to function as a Multiple Banking Institution, the company said in a statement. The clearance concludes a licensing process that began over two years ago, when the company first secured preliminary approval in April 2024.

Juan Miguel Guerra, chief executive of Revolut Bank S.A., Institución de Banca Múltiple, said the firm would begin serving customers from its waiting list shortly. According to Bloomberg Linea, the bank had registered nearly 200,000 prospective users on that list by mid-year, with internal projections suggesting potential first-year customer acquisition of up to 1.5mn accounts depending on marketing strategies deployed.

‘We are exceptionally proud of the bank we have built here,’ Guerra said in a statement. ‘This is just the beginning. We will continue to innovate and launch more products to serve all our customers’ needs in one place.’

The Mexican operation marks Revolut’s first fully-regulated banking debut outside Europe, giving a boost to the company’s strategic pivot towards the Americas. With over 65mn retail customers globally and a valuation recently lifted to $75bn, Revolut has identified Latin America as central to plans targeting 100mn customers by mid-2027 and entry into more than 30 fresh markets by decade’s end.

The neobank’s initial Mexican product suite will include bank accounts with expense-sharing functionality, international transfers across its 40-country network, and remittance services between the US and Mexico—one of the world’s largest cross-border payment corridors. Customer deposits will carry protection from the Instituto para la Protección al Ahorro (IPAB) up to approximately MXN3.4mn (around $184,463).

The regulatory milestone distinguishes Revolut as the first independent digital operator to navigate Mexico’s full licensing framework from inception, rather than acquiring an existing institution. The achievement comes as the Central American country’s banking sector, whilst hosting 50 licensed entities, remains dominated by a concentrated group of traditional players.

‘Banking concentration in Mexico is higher than in other Latin American countries, banking penetration is lower, costs are higher, quality is lower,’ Guerra said in recent remarks. ‘Something our country needs is greater competition.’

Revolut’s Mexican entry follows an aggressive regional expansion strategy. The company operates in Brazil and is pursuing multiple licensing pathways across the continent. In Colombia, Revolut secured incorporation approval earlier this month with a COP146bn ($37mn) capital commitment, targeting a 2026 launch pending final operating clearance.

The fintech announced in July the acquisition of Banco Cetelem in Argentina from BNP Paribas, a transaction providing immediate licensing access and $6.4mn in assets pending central bank approval. That deal will pit Revolut against established local competitors including Mercado Pago and Ualá in Argentina’s volatile but opportunity-rich market.

The pan-American push reflects broader ambitions articulated by co-founders Nik Storonsky and Vlad Yatsenko, who launched Revolut in 2015 with currency exchange services before expanding into comprehensive banking products. The company has previously identified strategic acquisitions and ground-up licensing as complementary expansion tools.

In Mexico, Revolut enters a market where digital challengers including Nubank, Klar, Plata, and Finsus have sought to disrupt traditional banking through mobile-first offerings. The competitive landscape also includes initiatives from established conglomerates such as Femsa exploring financial services.

Revolut’s Mexican subsidiary maintains headquarters in the capital with registered share capital of MXN1.43bn ($77.6mn). The company continues recruiting across functions to support operations, Guerra said.

The fintech’s technology platform, which spans savings, investments, cryptocurrency trading, and insurance products in mature markets, will be calibrated to Mexican consumer needs. Guerra declined to specify which features would launch initially beyond core banking and transfer capabilities.

Founded a decade ago by Russian-born Storonsky and Ukrainian Yatsenko, Revolut has expanded from 10 markets in 2019 to operations across Europe, North America, Asia-Pacific, and now multiple Latin American jurisdictions. The company holds several European banking licences alongside varied regulatory authorisations globally, though a full UK banking authorisation remains pending amid regulatory scrutiny.

Mexican regulators have accelerated fintech licensing frameworks in recent years whilst maintaining oversight standards, part of efforts to expand financial inclusion in an economy where significant populations remain underbanked.

Revolut’s waiting list remains open for prospective customers ahead of the imminent commercial launch, with specific timing dependent on final operational preparations.