Revolut has now taken a clear step into Mexico. On Tuesday (27), the British fintech company announced that they have started full banking operations in the country, which means that the testing period is over.

This is the first time Revolut opens a licensed bank outside of Europe.

Revolut is focusing on Mexico's expensive and fragmented banking system

Revolut chose Mexico with great care. The country has about 130 million inhabitants and many find the traditional banking system to be expensive and difficult to use. Therefore, Revolut sees a good opportunity for a completely digital bank.

Revolut sees a demand for app-based banking with lower fees and easier usability.

To obtain its Mexican banking license, Revolut took an unusual route. They became the first independent digital bank to receive permission directly from the regulatory authority, without purchasing a local bank or partnering with anyone else.

The company invested over 100 million USD in the initiative, which is twice as much as the authorities' requirements. When the bank opened, the capital adequacy ratio was 447.2%, far above the threshold.

Credit rating agencies quickly gave a good rating. HR Ratings gave a long-term HR AAA rating, while S&P Global assigned the rating 'mxA+' with a stable outlook.

High capital buffer and product design strengthen consumer confidence.

Revolut offers products that solve important problems for customers. Their salary account automatically provides interest, and the highest rates apply to the first 25,000 Mexican pesos. Users do not need to move money to any specific savings account.

Transfers between Revolut users are instant and free. International transfers to other banks are cheaper than usual. The app offers balances in over 30 currencies, and you can exchange money at favorable rates.

The fintech company is also targeting specific groups. The Metal plan offers a custom-designed card and access to lounges at the airport in Mexico City. Revolut Kids & Teens, for users aged 6 to 17, will be launched soon.

VD and co-founder Nik Storonsky says that the investment in Mexico will be an example for Revolut's expansion into new growth markets. He explained that the launch should demonstrate how Revolut can build its banking operations in more countries.

The expansion has strong financial backing. Revolut reported 3.8 billion USD in revenue in 2024, marking the fourth consecutive year of profit.

In 2025, the company reached a valuation of 75 billion USD after a new investment round.