Revolut Plans Mexico Banking Rollout in 2025
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Revolut is preparing to launch full banking operations in Mexico by the second half of 2025. With its banking license secured from the Comisión Nacional Bancaria y de Valores (CNBV) in April 2024, only final regulatory approvals stand between the company and its official debut.
“We are in the final stages,” said Juan Guerra, CEO of Revolut México, in an interview during the 88th Banking Convention. His words hint at cautious optimism as the firm undergoes regulatory audits designed to verify operational readiness. Nearly 200,000 users are already on the waiting list, with projections of up to 1.5 million in its first year.
Revolut enters a market that is growing more competitive, not only with established local players but also with international names like Wise and Openbank, both announced this year. But, perhaps the most significant is Nubank.
Three weeks ago, Nubank, the largest digital bank in Latin America, secured a full banking license in Mexico, where it already serves over 10 million customers. After investing more than $1.4 billion in the country, Nubank is set to broaden its product offering beyond its Sofipo operations, raising the stakes in digital banking services.
Revolut’s first offer in Mexico is expected to be a multi-functional account, designed to manage shared expenses, foreign currencies, and instant international transfers, all aimed at the vast remittance corridor between Mexico and the United States. “Free instant transfers are not our business. Our business is an integral relationship with the client,” Guerra noted. The move is part of Revolut’s broader goal to reach 100 million daily active users in over 100 countries.
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