Revolut launches full banking operations in Mexico in first expansion outside Europe

Jan 27 (Reuters) – Britain’s Revolut said on Tuesday that it has officially launched full banking operations in Mexico, marking its first bank established outside of Europe as the fintech accelerates its expansion into high-growth markets.

Revolut Bank S.A. IBM has become the first independent digital bank to secure a Mexican banking license through a direct application and has capitalized its operations with over $100 million — more than double the regulatory minimum.

The expansion into Mexico, one of Latin America’s largest economies, comes as global fintechs target the underbanked population in the region, where traditional competition remains relatively low.

Revolut, Europe’s most valuable financial technology company, recently said it was pursuing a full banking license in Peru and also had plans to roll out a payments platform in India.

The Mexico license would allow Revolut to offer customers a suite of digital banking services including high-yield savings accounts, hold and exchange over 30 currencies, and international money transfers.

The London-based firm, which has over 70 million customers globally, said the launch provides a blueprint for future expansion as it aims to reach over 100 million daily active customers in 100 countries.

(Reporting by Yamini Kalia in Bengaluru; Editing by Alan Barona)