Digital banking giant Revolut has formally launched full banking operations in Mexico after securing a domestic banking license, marking its first market outside Europe where it operates as a fully regulated bank. The London-based fintech capitalized its Mexican unit with more than $100 million, which is more than double the minimum required by local regulators. This significant upfront investment places Revolut among the better-funded new entrants in a market known for its close regulatory scrutiny of foreign-backed digital banks.
The license, obtained through a direct application process—a route considered difficult for foreign fintechs in Mexico—allows Revolut to offer a broad suite of banking services beyond narrower payment or e-money rules. The company plans to roll out savings accounts, multi-currency wallets supporting over 30 currencies, and international money transfers. This product mix mirrors the features that drove its adoption in Europe, particularly among customers with cross-border income or frequent travel needs.
Mexico represents a strategic expansion target due to its status as Latin America’s second-largest economy, combined with structural gaps in traditional banking access. While cash use remains widespread, the rapid growth of e-commerce, digital wallets, and cross-border remittances presents a substantial opportunity. Revolut’s “license-first” strategy, preferring full regulatory approval over lighter frameworks, is intended to provide more room to expand services post-launch, even if it slows initial market entry.
The company views the Mexican launch as a template for future expansions, with plans already underway for a full banking license in Peru and a payments platform launch in India. This move is part of Revolut’s broader goal to reach more than 100 million daily active customers across 100 countries, relying heavily on success in Latin America and Asia. The firm, founded in 2015, now boasts over 70 million customers globally and has expanded from payments into savings, trading, and subscription services.
