Revolut takes a decisive step into Mexico. On Tuesday the 27th, the British fintech company announced the launch of full banking operations in the country, thus ending the testing phase.
This marks the first time Revolut opens a licensed bank outside of Europe.
Revolut targets Mexico's expensive, fragmented banking system
The choice of Mexico was carefully considered. With a population of around 130 million and a traditional banking system often described as expensive and bureaucratic, the country offers strong opportunities for a fully digital bank.
Revolut sees demand for app-based banking with lower fees and easier access.
To secure its Mexican banking license, Revolut chose an unusual strategy. They became the first independent digital bank to gain approval through a direct application to regulators, without acquiring a local company or entering into partnerships.
The company capitalized its operations with over $100 million, double the regulator's minimum requirement. At launch, the bank had a capital adequacy ratio of 447.2%, far above the requirement.
The credit rating agencies responded positively. HR Ratings gave a long-term HR AAA rating, while S&P Global assigned an ‘mxA+’ rating with a stable outlook.
High capital buffer and product design enhance consumer trust.
Revolut's product offering addresses central challenges for consumers. The checking account provides automatic interest on the balance, with higher returns on the first 25,000 Mexican pesos. Users do not need to transfer money to a separate savings account.
Transfers between Revolut users occur instantly and without fees. International transfers to external bank accounts are offered at lower costs. The app supports balances in over 30 currencies, with competitive exchange rates.
The fintech company also has its own solutions for specific segments. Their Metal plan includes a customized debit card and access to a lounge at the airport in Mexico City. Revolut Kids & Teens, for users aged between 6 and 17, will launch soon.
CEO and co-founder Nik Storonsky describes Mexico as a template for further expansion in emerging markets. He states that the launch will serve as a model for scaling Revolut's banking infrastructure globally.
The expansion is supported by solid financial results. Revolut reported revenues of $3.8 billion in 2024, the fourth consecutive year of profit.
In 2025, the company reached a valuation of $75 billion after a new investment round.