Revolut has made a significant move into the Latin American market by securing a banking license in Mexico, courtesy of the National Banking and Securities Commission. This green light enables Revolut to operate as a multiple banking institution in Mexico, Latin America’s second-largest economy. With an already impressive user base of over 40 million globally, Revolut is now poised to capture a slice of Mexico’s lucrative cross-border remittance market, which was valued at around $63 billion last year.
Under the leadership of Juan Miguel Guerra Dávila, Revolut has been building a local team, gearing up to offer a wide array of financial products and services tailored to meet the diverse needs of the Mexican market. This expansion comes on the heels of the company’s successful launch in Brazil, demonstrating Revolut’s commitment to broadening its footprint and impact across Latin America.