Revolut secures Mexico banking licence

Core Insights - Neobank Revolut has received final authorization from the National Banking and Securities Commission (CNBV) and the Bank of Mexico to operate as a multiple banking institution in Mexico, marking a significant milestone as it is the first independent digital bank to complete the full licensing process in the country [1][2] Group 1: Licensing and Operations - The full banking license allows Revolut to offer financial services in Mexico, with customer deposits insured by the Instituto para la Protección al Ahorro (IPAB) for up to approximately 3.4 million pesos [2] - Revolut is preparing to launch its banking services to pre-registered Mexican consumers [1] Group 2: Market Expansion - The expansion into Mexico is part of Revolut's broader growth strategy in the Americas, which includes operations in the US and Brazil, as well as plans to acquire an Argentine bank [4] - The company aims to invest and recruit for its local workforce as part of its market expansion efforts in Mexico [2] Group 3: Leadership and Vision - CEO Juan Miguel Guerra expressed pride in the team and the bank built in Mexico, highlighting the importance of regulatory support for fostering competition in the industry [3] - Revolut plans to continue innovating and launching more products tailored to meet the needs of customers in Mexico [4] Group 4: Regulatory Challenges - Revolut is facing delays in obtaining a full UK banking license due to regulatory concerns regarding its risk management capabilities, with the Bank of England requesting commitments to strengthen its risk management infrastructure [5] - Earlier, Revolut received approval from Colombia's Superintendencia Financiera de Colombia (SFC) to establish banking operations, targeting a launch of digital banking services by 2026 [6]