Revolut Bank, the New Authorized Bank in Mexico

79

The National Banking and Securities Commission (CNBV) published in the Official Gazette of the Federation (DOF) that Revolut Bank is the new bank that will operate in Mexico, making it the 51st participant in the country.

Revolut de México, S.A. de C.V. (Revolut de México) requested authorization from this Commission to organize and operate as a subsidiary multiple banking institution under the name Revolut Bank.

This was stated in the DOF on Monday, April 22.

Although the CNBV, led by Jesús de la Fuente Rodríguez, and the Ministry of Finance and Public Credit (SHCP) have already granted authorization for the organization and operation of a multiple banking institution for Revolut de México, it will still need to undergo an operational audit before commencing operations.

The new bank has a share capital of over 1,431 million pesos and its headquarters will be located in Mexico City.

Revolut Bank is not the only player interested in entering the Mexican financial system. Other contenders include the Brazilian Nu, IOB Banco, and Konfío.

Revolut Bank is considered a neobank, as it does not have physical branches. It joins other digital banks such as OpenBank (owned by Santander), Bineo (part of Grupo Financiero Banorte), and Hey Banco (from Banregio), to name a few.

Where does Revolut Bank come from? Revolut is a British bank with over 40 million customers in more than 150 countries. The bank recently expanded to Brazil and New Zealand in 2023, and in 2020, it landed in Japan and the United States, according to its own information.

Source: El CEO