Revolut, the global fintech giant, has officially launched full banking operations in Mexico, marking a major milestone as the company establishes its first bank entity outside of the European continent.
The move sees the end of the company’s beta phase in the country. Now operating as Revolut Bank S.A. Institución de Banca Múltiple, the challenger bank aims to use its Mexican operations as a blueprint for further expansion into other high-growth markets globally.
A strategic foothold in LatAm
Revolut has capitalised its new Mexican subsidiary with over USD $100 million—a figure more than double the regulatory minimum required. This substantial upfront investment provides the bank with a Capital Adequacy Ratio (CAR) of 447.2 per cent at launch, signalling a strategy of prudent financial management and long-term commitment to the region.
Notably, Revolut becomes the first independent digital bank to obtain a banking license in Mexico through a direct application process, rather than through acquisition.
Juan Guerra, CEO of Revolut Bank Mexico, commented on the launch: “We have arrived to revolutionize banking in Mexico. Finally, there is an elegant digital alternative to traditional institutions… Revolut Bank S.A. has launched to help people in Mexico get more out of their money, and this is only the beginning.”
Financial solidity
The new entity has already secured strong initial credit ratings, reflecting confidence in its liquidity and backing from the wider Revolut Group. HR Ratings assigned a long-term rating of HR AAA, while S&P National Ratings assigned a long-term issuer rating of ‘mxA+’, both with a Stable Outlook.
Nik Storonsky, co-founder and CEO of Revolut, emphasised the global implications of the launch: “Revolut’s technology will empower millions across Mexico with better financial tools. This launch is a blueprint for expansion into other high-growth markets, and we are confident in replicating this success on our journey to reach over 100 million daily active customers in 100 countries.”
Tailored product suite
Mexican customers will now have access to a full suite of digital banking services, including:
- Yield-bearing Savings: High-yield returns on personal, joint, and family accounts, with enhanced rates for the first $25,000MXN saved.
- Cross-Border Capabilities: The ability to hold and exchange over 30 currencies and make instant, free transfers to other Revolut users globally—a critical feature for the remittance-heavy Mexican market.
- Lifestyle & Rewards: Access to premium subscription plans (including Metal cards), gift cards, and the ‘RevPoints’ loyalty scheme.
- Family Finance: The imminent launch of accounts for 6-17 year olds under the ‘Revolut Kids & Teens’ banner.
The launch extends Revolut’s presence to 40 countries, serving a global customer base that has now surpassed 70 million.