Revolut launches first licensed bank outside Europe in Mexico
Revolut launched full banking operations in Mexico on Tuesday (27), ending its testing phase and marking the first time the British fintech has opened a licensed bank outside Europe, the company said. The firm entered the market with more than $100 million in capital—about twice the regulatory minimum—and reported a capital adequacy ratio of 447.2%.
Credit agencies reacted positively: HR Ratings assigned a long-term HR AAA rating and S&P Global gave an ‘mxA+’ rating with a stable outlook. Mexico was chosen as a deliberate test case, the company said, pointing to a population of roughly 130 million and a traditional banking system viewed as costly and bureaucratic.
Revolut became the first independent digital bank in Mexico to gain approval through a direct application to regulators, without acquiring a local institution or forming a partnership. Revolut’s Mexican product lineup targets consumer pain points: checking accounts will earn automatic interest with higher returns on the first 25,000 Mexican pesos, transfers between Revolut users are instant and free, international transfers are offered at lower costs, and the app will support balances in more than 30 currencies with competitive exchange rates.
Premium features include a Metal plan with a customized card and airport lounge access in Mexico City, and a Revolut Kids & Teens product for ages 6 to 17 is set to launch soon.
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