Revolut drops anchor in Mexico, JPMorganChase hires a payments chief

Core Insights - Revolut has launched a licensed bank in Mexico, aiming to use this as a model for further international expansion [1][5] - The new bank will provide various financial services, including yield-bearing savings, cross-border payments, and a points-based reward system [2][5] - Revolut's strategy is to compete with major payment technology firms and banks, as it seeks to replicate its success in Mexico across other markets [3][5] Company Strategy - The establishment of Revolut Bank S.A Institución de Banca Múltiple in Mexico is part of Revolut's broader international strategy [1][5] - The bank has been capitalized with over $100 million USD to support its operations [1] - Revolut aims to reach over 100 million daily active customers in 100 countries, leveraging its technology to enhance financial tools for users [2] Competitive Landscape - Revolut is positioning itself against established payment tech firms like PayPal and Block, which are also expanding their financial services [3] - The competition is particularly intense for younger consumers who are increasingly drawn to technology-focused financial solutions [3]