Overview
- Revolut began full banking operations in Mexico as Revolut Bank S.A. Institución de Banca Múltiple after completing a beta with several thousand users.
- Mexican regulators granted a direct banking licence, making Revolut the first independent digital bank in the country to obtain approval via this route.
- Revolut capitalized the Mexican unit with over $100 million—more than twice the local minimum—resulting in a reported 447.2% capital adequacy ratio at launch.
- The offering includes interest on the first 25,000 pesos in savings, multi-currency accounts with exchange for 30+ currencies, instant no-fee Revolut-to-Revolut transfers, lower-cost international payments, bill pay, joint accounts, and forthcoming children’s accounts.
- The company says the Mexico model will guide further growth, with a Peru banking licence application underway and, per the Financial Times, a shift in the U.S. toward applying directly for a banking licence after talks with the OCC.