Fintech Revolut has launched its first bank outside Europe

British fintech Revolut has announced the launch of full banking operations in Mexico, which it has named as one of its key global markets. This is the first bank the company has set up outside Europe. Revolut is actively expanding in Latin America: earlier in January it requested a banking license in Peru.

Revolut has completed its "beta phase" in the Mexican market and launched banking operations in the country in full, the company said in a statement. Customers will be able to earn interest on savings, pay bills, open joint and family accounts and send money, including abroad.

Revolut is the first independent digital bank to obtain a banking license in Mexico through a direct application (rather than, for example, through the purchase of a bank with a license), the service claims. The fintech said it has capitalized its operations with more than $100 million, double the minimum required. Mexico's Revolut Bank received the highest long-term credit rating of AAA from HR Ratings and mxA+ from S&P National Ratings - both with a stable outlook, it said.

"This launch is a model for expansion into other high-growth markets, and we are confident we can replicate this success on our way to reaching the mark of more than 100 million daily active customers in 100 countries," said Revolut co-founder and CEO Nick Storonsky.

The Mexican regulator granted Revolut a full banking license in October 2025. The service said at the time that it planned to launch banking business in the country initially for a small number of customers on a waiting list.

Mexico has become a battleground for fintechs seeking market share, with most of them seeking banking licenses to compete directly with traditional banks, Bloomberg wrote. In the Mexican market, Revolut competes with such fintechs as Brazil's Nu Holding and Argentina-based MercadoLibre Holding, as well as Plata, a startup created by former top managers of Tinkoff.

Also in October last year Revolut received permission to establish a bank from the regulator in Colombia, and in January 2026 the service requested a banking license in Peru. In Argentina, Revolut bought local bank Cetelem from BNP Paribas. According to Bloomberg, Revolut is also interested in buying a little-known bank FUPS in Turkey, which received a banking license in 2022.

Revolut has an EU banking license issued by the Lithuanian central bank. At the same time, Revolut has only a partial license in its home UK market. The regulator is delaying the issuance of a full license because of concerns about the startup's ability to manage risks, given its rapid international expansion, the Financial Times wrote in the fall.

This article was AI-translated and verified by a human editor