Revolut invests $64 million to boost Mexico growth after launch

MEXICO CITY, ‌May 5 (Reuters) - ​The ​Mexican arm of digital bank Revolut, which launched in the ‌country in late January, reported a ⁠capital injection of about $64 million last month, ‌raising its total investment ‌in the country to $167 million as it bolsters its expansion in Latin ​America's second largest economy, the company said on Tuesday.

The UK-based ⁠digital bank said the capital injection was formalized through ​a 1.12 billion Mexican pesos ($64.47 million) increase to its basic capital.

BY ​THE NUMBERS

• Revolut's total ‌assets surged 275% in Q1, the company reported just nine ⁠weeks after its public launch.

• The bank had over 290,000 registered customers ⁠on its Mexico app as of end-March.

• Revolut ​posted a quarterly net loss of 153 million pesos.

• "The response from Mexicans has exceeded our ‌expectations," Revolut Mexico CEO Juan Guerra said, adding that the ‌new funds will accelerate product ⁠rollout and growth.

($1 = ‌17.3723 Mexican pesos)

(Reporting ​by Javier Leira, Writing by Noé Torres, Editing by Brendan ‌O'Boyle)

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