Revolut has taken a significant step in its plans for North America and Latin America by securing a banking licence in Mexico.
The National Banking and Securities Commission (CNBV) has granted the London-based company the licence to operate as a multiple banking institution.
“This licence will allow Revolut to offer a wide range of financial products and services to users in Mexico,” the company explained.
In a statement, Revolut stated that cross-border remittances for Mexican customers would be a core area of focus.
With over 10 million Mexico-born people residing and working in the US, it is unsurprising that cross-border remittances across the US-Mexico border is an area of interest for the company.
Revolut was founded in 2015 and quickly became one of the world’s most prominent neobanks. The firm’s financial services cover a range of areas including banking, payments, currency exchanges, commodities and cryptocurrencies, among other areas.
However, although it has been able to secure banking licences abroad Revolut has struggled to acquire one in its founding country of the UK. Despite this, it has continued to go from strength-to-strength, such as surpassing its 2023 financial targets.
