Digital bank Revolut, which enables a global fintech platform with over 65 million retail customers today announced it has received final authorisation from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico, to commence operations as a Multiple Banking Institution operating in Mexico. This latest approval is said to be the final regulatory step required before opening the bank’s services to the general public, solidifying its long-term commitment to the fast-growing Mexican market.
This milestone completes Revolut’s goal to becoming the independent digital bank to directly apply for and complete the full licensing and approval process “from scratch” in the country.
Revolut is now reportedly preparing to launch its product to consumers residing in Mexico who have signed up on the waiting list.
Being a “fully-regulated” bank allows Revolut to provide a range of financial services with improved customer protection, such as deposits insured by the IPAB (Instituto para la Protección al Ahorro) for “up to ca. 3.4mm MXN.”
Revolut continues to invest in the market with a local team, “actively hiring across levels and functions.”
This milestone is said to reaffirm Revolut’s strategic commitment to expanding its presence in the Americas, building on its presence in the United States as well as the South American nation of Brazil.
The company is also said to be currently pursuing a full banking licence in Colombia and is presently in the process of acquiring a banking institution based in Argentina. Revolut said that it is set to become a key player in the Mexican financial sector by providing a “complete, elegant and secure digital alternative to traditional banks.”
As reported recently, digital bank Revolut and its backers are said to be nearing the completion of a $3 billion fundraising round that reportedly values the UK-based fintech company at $75 billion. Revolut has now started informing investors about the allocation of shares they will be receiving as part of the oversubscribed round, according to sources familiar with the matter and cited by Bloomberg.
According to media reports, Revolut had managed the fundraising on its own, without the assistance of bankers, the sources claimed. This development highlights the company’s accelerating trajectory amid a competitive landscape of digital banking challenger.
The effort, which has drawn interest from institutional backers, marks a significant escalation from Revolut’s prior secondary share transaction in 2024, which pegged its worth at $45 billion.