Neobank Revolut has selected Juan Miguel Guerra as CEO for Mexico as the Fintech moves into a new market.
Guerra was previously at RappiPay and is said to have held senior executive roles at Citibanamex and other Fintech firms. Mexico is Revoluts first step into the Latin American market, a key region for its international expansion. Guerra will be hiring team members to lead Revolut’s expansion in the country. Revolut already has a payment corridor between Mexico and the US.
Revolut is currently branding operations as a Fintech “Super App” similar to some other Fintechs that provide bank-like services without being licensed as a bank. As an alternative to traditional banking, Revolut offers personal banking and business accounts, cards and payments, foreign exchange transfers and remittances, insurance and other financial services.
Nik Storonsky, CEO and co-founder of Revolut, commented on the move into Mexico:
“With his wealth of experience in the fintech and consumer tech sectors and an outstanding track record, we’re delighted that Juan is to join Revolut and help us work toward our mission of creating the world’s first truly global financial superapp. We’re looking forward to transforming the way people in Mexico access and manage their money as we bring our products and services to more people around the world.”
Storonsky said that Mexico is an important market as part of their expansion strategy.
Guerra said he couldn’t be more excited to join Revolut and jump aboard this “rocketship.”
“It is an honour and a privilege to be asked to lead the business for such a world-class company in my country. Mexico represents one of the largest opportunities globally for Revolut and its first step in Latin America. I look forward to building an exceptionally talented team and working with them, as we continue to develop the best financial solutions for millions in Mexico, especially those who are internationally mobile.”
Revolut noted that it will be among the first UK Fintechs to set up shop in Mexico.
Revolut’s launch in Mexico is the latest step in its international expansion plans, following launches in Singapore and Australia in 2019 and the US and Japan in 2020.