Revolut secures Mexico banking licence in remittance play
Revolut has received a banking licence in Mexico to expand its presence in Latin America’s second-largest economy.
The fintech firm, which has more than 40 million customers globally, has received the green light from Mexico’s National Banking and Securities Commission to establish itself as a banking institution.
“This licence will allow Revolut to offer a wide range of financial products and services to users in Mexico,” Revolut said in a 9 April statement.
Revolut, which facilitates cross-border payments, is hoping to establish itself in a country that has more than 27 million digital banking users and is one of the biggest remittance receivers in the world.
Mexico received a total of $67bn in remittances last year — the second highest in the world behind India, according to a report by the World Bank.
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Revolut’s operations in Mexico are being led by Juan Miguel Guerra Dávila, the firm’s chief executive in Mexico since 2021. Its other key executive in Mexico is Verónica Schilling, who has been head of legal in Mexico since 2022.
The fintech firm is also growing its team in Mexico and seeking candidates for roughly two dozen roles, including a head of risk, a strategy and operations manager, and a Treasury manager, according to the company’s LinkedIn page.
It has also been spending big bucks on product development and global expansion. For the year ended 31 December 2022, the City fintech firm committed more than $80m to the cause.
“Revolut also strengthened its workforce and leadership across its expansion markets, laying the foundations for new launch territories in Brazil and New Zealand,” the company said in a December 2023 announcement.
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