Fintech Revolut receives Mexican banking authorisation, eyes expansion
Fintech company Revolut received a banking license in Mexico and is preparing to expand operations in Latin America’s no. 2 economy, the company said in a press release on Tuesday (Apr 9).
The company, which launched in Britain in 2015 and now boasts more than 40 million customers worldwide, said it will establish itself as a multiple banking institution after getting the green light from Mexico’s National Banking and Securities Commission.
“This license will allow Revolut to offer a wide range of financial products and services to users in Mexico,” the company said, adding that it is preparing for a third-party audit process by Mexican authorities that will signal the start of expansion plans.
The company aims to facilitate cross-border remittances for Mexican customers. Remittances to Mexico reached a record $63.3 billion in 2023, mostly sent from the United States and a nearly 8% jump from the prior year. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention