English fintech Revolut receives authorization to operate in Mexico

Mexico City. The English fintech Revolut, which has more than 40 million clients in the world, reported this Tuesday that it received authorization to operate as a multiple banking institution in Mexico, where it is targeting the remittance market from abroad.

The company, which prioritizes financial inclusion in its services, reported in a statement that it received approval from the National Banking and Securities Commission (CNBV) and that it plans to begin operations in the Latin American country.

“As one of the key services that the company will offer to the Mexican market, cross-border remittances will likely be of great value to users both inside and outside the country,” the firm explained.

Money transfers to Mexico, especially from the United States, are one of the country’s main sources of foreign currency and last year stood at around 63 billion dollars.

With the launch of its operation in the second largest economy in Latin America, Revolut indicated that it continues with its commitment to expansion in the American continent after entering the Brazilian market in June 2023.