Revolut Pushes Expansion with a New License in Mexico

Revolut, a fintech giant whose headquarters are in the UK, is continuing with its expansion plans. The platform recently secured a banking license in Mexico as it pushes to expand its services in Latin America.

According to Reuters, Revolut will be offering services in Mexico after being licensed by the Comisión Nacional Bancaria y de Valores. The license allows Revolut to establish a bank in Latin America.

Revolut Secures a Banking License in Mexico

Revolut will set up its operations in Mexico after obtaining a third-party audit. The British fintech is now working on cross-border remittances that will target local customers.

The remittance market is a lucrative one in the region as remittances to Mexico increased by 8% to $63.3 billion in 2023. A majority of remittances to the country came from the United States.

Besides being a UK-native fintech platform, Revolut also has a solid presence in the European Economic Area. The fintech secured a banking license from the Central Bank of Lithuania that allows it to operate in the EEA.

The company is also seeking to grow its operations in the UK. It has a payments institution license from the UK that allows it to operate in the country as it awaits the processing of a banking license.

In November last year, Revolut cemented its operations in the UK after creating a CRO role for its UK operations. The fintech appointed Francesca Carlesi, who previously headed a digital mortgage lender, to this position.

Revolut’s Growing Services

Revolut’s growth is not limited to service expansion in new regions. The fintech is also boasting of a vast customer base around the world.

Due to its expansion efforts, Revolut has secured around 50 other regulatory approvals globally. The regulatory approval has seen the number of customers on the platform grow to surpass 40 million users globally.

The rapid growth has also been translated to the company’s financial records. The firm anticipates that its revenue for 2023 will hit $2 billion. It also anticipates recording a double-digit net profit margin.

In 2022, the company generated $1.1 billion worth of revenues. The number was 45% higher compared to what was reported during the previous year. The growth of the company’s revenues over the past two years reflects the expansion and the growing global customer base.

Revolut’s CEO, Nik Storonsky, noted that the company recorded one of its best years during the 2022 fiscal period. He noted that at the time, Revolut managed to outperform the competition. He noted that the company was now looking for more growth in all its markets.