Revolut Takes Banking Operations To Mexico Following License Approval
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UK-based financial technology giant Revolut is not looking back on its expansion to other regions. The company recently announced that it has received a banking license to operate in Mexico. The approval from the Mexican financial authority means the company will likely establish itself as a bank in Latin America.
Revolut stated that the license will enable it to offer different products and services to users in the country. The firm said it’s now looking to carry out a third-party audit process that will accompany the launch of its products and services in the country.
Revolut Wants To Tap Into The Huge Market For International Remittances
Revolut will be looking to focus its business around cross-border remittances in Mexico, especially for local customers. The remittance market is a flourishing one in the country as it moved 8% to reach an impressive figure of $63.3 billion last year. Remittances from the United States contributed the bulk of that amount.
Revolut also has operations across other regions, including the European Economic Area. The company is also operating with a banking license from Lithuania. While at home in the U.K., the fintech firm carries out its operations using a payments institution license. The bank’s license application in the U.K. is still being processed.
In November last year, Resolut opened up a new position for a Chief Executive Officer in its U.K. office. The role has been filled up by Francesca Carlesi, who previously led and co-founded a digital mortgage lender.
Revolut Has Seen Impressive Growth In Customers And Profits
Revolut is not only interested in the banking sector. The company already has more than 50 regulatory approvals globally. It has also increased the number of its customers, hitting 40 million globally last year.
Revolut is also expecting an improved revenue of $2 billion in 2023 as it targets a double-digit net profit margin. The firm realized an annual revenue of $1.1 billion, which represents a 45% increase compared to the previous year.
Chief Executive Officer of Revolut, Nik Storonsky, commented on the progress the company has made so far. He added that the firm saw a significant upsurge in customers and profits in 2022 and the plan is to keep maintaining this growth.
He added that 2022 was a year the company broke away from the pack of its competitors. The fintech platform wants to continue its growth trajectory across all its services and all its markets.
