Revolut gets the green light to start operations in Mexico

Revolut closes ranks for start operating in Mexico. The neobank has just received final authorization from the National Banking and Securities Commission (CNBV) to start operations as a multiple banking institution in the Aztec country. This is the last regulatory step required before the bank launches publicly, they explain in a statement.

The British group obtained a banking license last year, but could not begin operations without this step. Having all these regulations will allow, according to the entity, to offer financial services such as insured deposits by the Institute for the Protection of Bank Savings (IPAB) up to approximately 3.4 million Mexican pesos (1.6 million euros).

In addition, Revolut, which in Mexico is led by Juan Miguel Guerraassures that it is investing “heavily” in the Mexican market and hiring “actively” at all levels and functions. While waiting for the last permits, he set up a waiting list with the first customers to test their appetite. After this step, the entity reaffirms its objective of expanding in America, supporting its in person especially in the US and Brazil.

In this sense, its latest movements in the region are focused on processing the complete banking license in Colombia, where it obtained authorization to establish a bank a few weeks ago. The next step is to obtain the operating license, which enables you to formally operate as a bank. This foundation enables it to formally debut in 2026, where it will introduce digital banking products specifically designed for Colombian consumers such as a savings account, instant and free international transfers, as well as credit cards.

Last week the United Kingdom Government – its natural market – paralyzed its complete license last week due to regulators’ doubts about whether its risk controls have the capacity to work, given the pace of growth that the sector is experiencing. Although it was approved by regulators in July 2024, it is still subject to restrictions during a “mobilization phase.”

To date, no entity had started this phase with more than 500,000 customer accounts. The review by the British authorities covers the 65 million they count worldwide, of which eleven are registered in the country. “We are advancing the final stages of the mobilization process and continue to collaborate constructively with the PRA. Given the global scale of Revolut, this is the largest and most complex mobilization process ever carried out in the United Kingdom,” they indicate from Revolut.