Revolut Opens Its First Bank Outside Europe, Starting in Mexico
Revolut launched full banking operations in Mexico, marking its first licensed bank outside of Europe.Summary
British fintech Revolut has officially launched full banking operations in Mexico, concluding its testing phase and establishing its first licensed bank outside of Europe. The move targets Mexico's costly and fragmented traditional banking system, where Revolut sees strong demand for lower-fee, app-based services. Revolut secured its Mexican banking license through a direct application, becoming the first independent digital bank to do so without acquiring a local entity. The company capitalized the operation with over $100 million, significantly exceeding the regulatory minimum, and received favorable credit ratings from HR Ratings and S&P Global. Key product features include automatic interest on checking balances, instant free transfers between Revolut users, and competitive international transfer rates. CEO Nik Storonsky views the Mexican launch as a blueprint for future expansion into other emerging markets, supported by Revolut's strong financial performance, including $3.8 billion in revenue in 2024 and a $75 billion valuation in 2025.
(Source：BeInCrypto)