Revolut launches full banking operations in Mexico in first expansion outside Europe

Jan 27 (Reuters) - Britain's ⁠Revolut said ⁠on ‍Tuesday that it has officially launched full banking operations in Mexico, marking ‍its first bank established outside of Europe as ​the fintech accelerates its expansion into high-growth markets.

Revolut ​Bank S.A. IBM has become the first independent digital bank to secure a Mexican banking license through a direct ​application and has capitalized its operations with over $100 million — more than double the regulatory ​minimum.

The expansion into Mexico, one of Latin America's largest economies, comes ‌as global fintechs target the underbanked population in the region, where traditional competition ​remains relatively low.

Revolut, Europe's most ⁠valuable financial technology company, recently said it was pursuing a full banking ‌license in Peru and also had plans to roll out a payments platform in India.

The Mexico ‌license would allow Revolut to offer customers a suite of ‌digital banking services including high-yield savings accounts, hold and exchange over 30 currencies, and international money transfers.

The London-based ‍firm, which has over 70 million customers globally, said the launch provides ⁠a blueprint for future expansion as it aims to reach over 100 million daily active customers in 100 countries.

(Reporting by Yamini Kalia in Bengaluru; Editing by Alan Barona)

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