Fintech giant Revolut has officially received approval from Mexico's National Banking and Securities Commission (CNBV) to operate as a subsidiary, marking a significant milestone in its international expansion and the growth of digital financial services within Mexico.
Key Takeaways
Revolut México has been granted a banking licence by the CNBV.
The neobank will need to meet specific capital requirements before launching operations.
This move signifies Mexico's embrace of financial innovation and digital banking.
A New Era for Digital Banking in Mexico
The Comisión Nacional Bancaria y de Valores (CNBV) has greenlit Revolut Bank, now known as Revolut México, to commence operations as a subsidiary. This development is a crucial step in broadening the availability of digital financial services for both individuals and businesses in the country.
Revolut, a well-established digital platform, has already garnered a substantial global following, serving over 35 million customers across 38 countries. Its success is underscored by being the most downloaded finance app in nine countries in 2023 and ranking among the top three financial apps in over 15 European nations.
Financial Requirements and Market Positioning
To launch its services, Revolut México is mandated by the CNBV to begin with a capital of 1,441.2 million pesos. This figure is set to increase to 1,811.7 million pesos prior to the commencement of operations. These financial prerequisites are in line with those required of other recently authorised digital neobanks operating in Mexico.
The CNBV's decision not only highlights Mexico's dedication to fostering financial innovation, but also strategically positions Revolut México to enter the market with a robust and competitive offering, ready to meet the evolving needs of Mexican consumers and businesses.
