Nu Holdings Ltd.

In Mexico, Plata has outperformed competitors such as Nubank and Mercado Pago and is now preparing to expand its business

Plata, founded by Tinkoff employees, followed Revolut in obtaining a license in Mexico

Nikolai Storonsky, founder and CEO of the fintech bank Revolut, told in a large interview about plans for an IPO, increasing his stake in the company, and called reports about moving to Dubai a fake. He also touched upon the topic of account blocking, which was massively faced by citizens of Russia and Belarus, and explained why the bank applied sanctions to the accounts of family members of businessman Oleg Tinkov when he was blacklisted in the UK.

IPO plans, blocked accounts and Dubai: highlights from Revolut founder's interview

Two fintech companies founded by Russian natives have become direct competitors in the Mexican banking market. They are Nikolay Storonsky's Revolut neobank and Plata Card, a startup by former top managers of Tinkoff Bank with investments from the bank's founder Oleg Tinkov and Baring Vostok founder Michael Calvey. Both companies have received full banking licenses from the national regulator, are focused on aggressive growth and are seeking IPOs. What will they fight for and what challenges might they face in Mexico?