Revolut has begun full banking operations in Mexico following the completion of its beta testing phase.
The launch marks the introduction of Revolut Bank S.A Institución de Banca Múltiple, representing the fintech firm’s first bank outside European borders and expanding Revolut’s footprint to 40 countries.
The company has received a direct banking licence from Mexican regulators, becoming the first independent digital bank to do so via this route.
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Revolut has allocated more than $100m in capital for its Mexican bank, which is over twice the minimum amount required by local regulations.
At launch, this results in a capital adequacy ratio of 447.2%.
The rollout comes after an early access period involving several thousand users.
The service package includes savings accounts with interest on balances, particularly for the initial 25,000 pesos ($1,446) in personal accounts, multi-currency holdings with exchange capabilities for more than 30 currencies, and instant no-fee transfers between Revolut users globally.
Customers may also send international transfers at lower costs and pay bills through the app. Features for shared finances are available through joint accounts, and dedicated accounts for children and teenagers are set to be introduced soon.
Other features offered to users include premium account options with travel-related benefits, digital gift cards from various retailers, and a points system for card transactions which can be exchanged for travel or retail discounts.
Mexican residents can now access these services by downloading the Revolut application.
Revolut co-founder and CEO Nik Storonsky said: “Revolut’s technology will empower millions across Mexico with better financial tools. This launch is a blueprint for expansion into other high-growth markets, and we are confident in replicating this success on our journey to reach over 100 million daily active customers in 100 countries.”
Recently, the Financial Times reported that Revolut no longer plans to acquire a financial institution in the US.
Instead, the company intends to apply directly for a banking licence in the US and has held discussions with officials from the Office for the Comptroller of the Currency regarding this process.
Earlier this month, Revolut announced intentions to enter the Peruvian market and has begun the process of applying for a full banking licence in the country.
Julien Labrot has been named CEO of Revolut Peru.
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