UK headquartered digital bank Revolut announced recently that it has submitted an application to obtain a banking license in order operate in Colombia.
This recent announcement by Revolut has been unveiled as the Fintech company aims to boost its presence in Latin America.
The new business strategy has been revealed after Revolut’s entry into Brazil this past year with the notable acquisition of a banking license in Mexico in April.
During the past year, Revolut has been reporting solid business growth, with a considerable increase in revenue and its global customer-base. With Revolut’s increased focus on Latin American markets, it will most likely compete with larger regional players such as Nubank – which clearly has a more dominant position in the fast-evolving LatAm markets.
In the past decade, Latin America has emerged as one of the world’s fastest-growing tech and more specifically Financial technology hubs. The region caters to a diverse group of retail and institutional investors who are focused on growing their investment portfolios. Brazil is also home to many innovative crypto-related services with companies like Bitso offering their line of products and services in the region.
While LatAm continues to grow its economy, the region could attract many more startups focused on enabling greater financial inclusion and supporting the democratization of digital financial services.
In a separate update, it has also been revealed that Revolut is getting closer to obtaining an Australian bank license.
After obtaining its banking license in the UK, it is likely now that the Fintech could receive one soon in Australia as well.
Revolut also claims it signed up over 650,000 customers in Australia and has transaction volumes annualized at a about $1 billion.
Revolut should now be expected to move fairly quickly in order to fill the needs that the traditional banking sector does not seem to have addressed.