Revolut has invested $64 million to accelerate the growth of its first bank outside of Europe
The fintech service received a full banking license in Mexico in October
British fintech Revolut invested $64 million in its Mexican unit in the first quarter of 2026 / Photo: Revolut
The Mexican unit of digital bank Revolut, which launched full banking operations this year, reported raising about $64 million in capital in April. The fintech is investing in growth in this important market: Mexico was the first country outside of Europe where Revolut began operating as a bank. It competes in this market with startups Plata and Novacard, among others.
Details
The Mexican unit of Revolut Bank reported in a report for the first quarter of 2026 a base capital increase of 1.12 billion pesos (approximately $64 million. The document was highlighted by Reuters. The capital increase was decided by the bank's assets and liabilities committee on April 15, 2026, the report shows.
This brings Revolut's total investment in Mexico to $167 million, Reuters notes.
The Mexican bank's total assets rose 275% to 5.67 billion pesos ($326 million). Also in the report, Revolut noted that the bank's Mexican app had more than 290,000 customers as of the end of March, with a net loss of 153 million pesos (about $8.8 million) for the quarter.
"The response from Mexicans has exceeded our expectations. There is clearly a strong demand for a banking app that offers everything in one place: attractive yields, a credit card, instant transfers within and outside Mexico, investments and much more," Revolut Mexico CEO Juan Guerra said as quoted by Mexican business daily El Universal. The new funds will accelerate product launches and the company's continued growth in Latin America's second-largest economy, Reuters quoted a top executive as saying.
Context
The Mexican branch launched full banking operations in January 2026, thus becoming the first bank that Revolut has established outside of Europe.
Revolut, along with other players such as Hey, Openbank and Plata, offers fully digital banking services in Mexico, actively competing with the traditional banking segment in a bid to gain market share, El Universal notes. Also developing in Mexico is the startup Novacard.
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.
This article was AI-translated and verified by a human editor
