The UK-based neobank exits beta testing to become the first independent digital bank licensed in Mexico, backed by over $100 million in capital and a 447% capital adequacy ratio.
Revolut has officially launched its full banking services in Mexico this week, marking a watershed moment for the fintech giant as it establishes its first complete banking operation outside of Europe. The announcement, made by Mexico CEO Juan Miguel Guerra on LinkedIn, signals the end of the company's beta testing phase and the beginning of unrestricted banking services for Mexican consumers.
From Beta to Full Banking License
"After an intense journey—from obtaining the license to the Beta phase—today we officially open Revolut Bank S.A., Institución de Banca Múltiple with no waiting list," Guerra stated in his announcement. The move makes Revolut's Mexican entity available to all users who download the app from either the Apple App Store or Google Play Store.
The significance of this launch extends beyond simple market expansion. Revolut has become the first independent digital bank to obtain a full banking license in Mexico through direct application, distinguishing it from competitors who have entered the market through acquisitions or partnerships with existing licensed entities.
Robust Capitalization Strategy
Demonstrating its commitment to the Mexican market, Revolut has capitalized its subsidiary with over $100 million USD (€84 million)—more than double the amount required by Mexican regulators. This substantial investment has resulted in an impressive capital adequacy ratio (CAR) of 447.2% at launch, significantly exceeding regulatory minimums and providing a strong foundation for growth.
"This ensures the financial stability and security of our new operations," the company emphasized in its announcement.
The financial strength of Revolut's Mexican operation has been recognized by rating agencies:
- HR Ratings awarded a long-term rating of 'HR AAA' with a stable outlook
- S&P assigned a rating of 'mxA+', also with a stable outlook
Comprehensive Product Suite
Mexican users now have access to Revolut's full range of banking services, including:
- High-yield savings accounts across personal, joint, and family account types
- Instant, free transfers to other Revolut users globally across all 40 markets where Revolut operates
- Low-cost international transfers to foreign bank accounts
- Multi-currency support for approximately 30 currencies with competitive exchange rates
- Local currency payments for international travel and online purchases
- Premium subscriptions with enhanced features
- RevPoints loyalty program offering rewards on debit and card purchases
- Spending controls and analytics for budget management
Strategic Implications for Latin America
With this launch, Revolut now operates in 40 markets globally and continues pursuing its ambitious goal of reaching 100 million daily active users across 100 countries. Mexico represents a strategic entry point into Latin America, a region with significant growth potential for digital banking services.
"Revolut is here to help Mexicans get more value from their money. I feel incredibly proud of the team that made this possible and grateful to the Mexican authorities and our Beta users for their trust and support," Guerra added.
The Mexican market presents both opportunities and challenges for Revolut. While traditional banking penetration remains strong in urban areas, millions of Mexicans remain underbanked or rely on costly remittance services for international transfers—a segment where Revolut's fee structure and multi-currency capabilities could prove particularly attractive.
What This Means for the Neobank Industry
Revolut's Mexican launch demonstrates the increasing willingness of regulators in major emerging markets to license purely digital banks, provided they meet stringent capital and operational requirements. The company's strategy of obtaining a full banking license rather than operating under limited fintech regulations positions it to offer a complete range of banking services and compete directly with traditional institutions.
For competitors in the Latin American neobank space—including established players like Nubank (Brazil), Ualá (Argentina), and local Mexican fintechs—Revolut's entry intensifies competition but also validates the market opportunity for digital-first banking in the region.
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Source: LatAm Fintech - Revolut inicia oficialmente su banca digital completa en México
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This launch represents Revolut's continued global expansion following its recent achievements in reaching profitability and securing banking licenses in multiple jurisdictions. The company's Mexican operation will be closely watched as a potential template for further expansion into other Latin American markets.