Revolut Receives Banking License in Mexico: A Look at the Cross-Border Remittance Market

Revolut ‍has obtained a banking‍ license in Mexico, enabling the company to offer a wide range of financial products and services to users in the country. The company is now preparing for ​a third-party audit process that will follow the start of its expansion in Mexico.

A focus on cross-border remittances

In Mexico, ‌Revolut will focus on cross-border remittances for local customers, tapping into​ a lucrative market⁣ as remittances to Mexico reached a record $63.3 billion in 2023, most of which came from ‍the ‍United States.

Aside from ⁢its expansion into Mexico, Revolut‍ also operates in ‌the European Economic Area and has a banking license from the Central Bank of ⁣Lithuania. In the UK, the company operates under ⁤a payment institution license.

Francesca Carlesi, who co-founded and previously ⁣headed a digital mortgage lender,‍ was appointed to the new CEO position for Revolut’s UK division, which ​has applied for a local banking license.

A growing customer base

Revolut has about 50 other regulatory approvals globally and the number of customers on the platform has reached over 40 million worldwide.

Furthermore, Revolut ‍expects to generate $2 billion in revenue in 2023, with a double-digit net profit margin. In 2022, the company generated $1.1 ⁢billion in revenue,‍ up 45 percent year-on-year.

“2022 was another great year ​for Revolut, ⁣where we differentiated ourselves from the crowd of our competitors,” said Nik Storonsky, CEO of Revolut, previously. “Looking ahead, our focus is on ​continued growth across ⁤all our markets.”