Revolut Opens Its First Bank Outside Europe, Starting in Mexico

Core Insights - Revolut has launched full banking operations in Mexico, marking its first licensed bank outside Europe [1] - The move targets Mexico's costly and fragmented banking system, aiming to provide a digital banking alternative [2] Regulatory Approval and Capitalization - Revolut became the first independent digital bank to secure a banking license in Mexico through a direct application, without acquiring a local institution [3] - The company capitalized its Mexican operations with over $100 million, which is double the regulatory minimum, achieving a capital adequacy ratio of 447.2% at launch [3] Credit Ratings - Credit rating agencies have responded positively, with HR Ratings assigning a long-term HR AAA rating and S&P Global issuing an 'mxA+' rating with a stable outlook [4] Product Offering - Revolut's checking account offers automatic interest on balances, with higher returns for the first 25,000 Mexican pesos, eliminating the need for users to transfer funds to a separate savings product [5] - Transfers between Revolut users are instant and free, while international transfers to external accounts are offered at lower costs [6] - The app supports balances in over 30 currencies, providing competitive currency exchange rates [6]