The UK-headquartered fintech big Revolut has continued its growth efforts because it lately obtained a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores will now permit the corporate to determine itself as a financial institution in Latin America.
“This licence will permit Revolut to supply a variety of monetary services to customers in Mexico,” the corporate stated in a press release. The corporate is now making ready for a third-party audit course of that may observe the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus might be on cross-border remittances for native prospects. Certainly, it’s a profitable market as remittances to Mexico jumped 8 % to achieve a file $63.3 billion in 2023, most of which got here from the US.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its dwelling turf of the UK, the corporate operates with a funds establishment licence as its utility for a banking licence within the nation is being processed.
Final November, the agency created a brand new CEO position for its UK division, which has utilized for an area banking licence. Francesca Carlesi, who co-founded and beforehand led a digital mortgage lender, has been appointed to this position.
A Rising Buyer Base
Other than the banking licences, Revolut holds about 50 different regulatory permissions globally. The variety of prospects on the platform has reached over 40 million globally.
In the meantime, Revolut is anticipating to report a income of $2 billion in 2023 with a double-digit internet revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % greater than the earlier yr.
“2022 was one other nice yr for Revolut, one the place we broke away from the pack of our rivals,” Revolut’s CEO, Nik Storonsky stated earlier. “Wanting forward, our focus is on continued progress throughout all our markets.”
The UK-headquartered fintech big Revolut has continued its growth efforts because it lately obtained a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores will now permit the corporate to determine itself as a financial institution in Latin America.
“This licence will permit Revolut to supply a variety of monetary services to customers in Mexico,” the corporate stated in a press release. The corporate is now making ready for a third-party audit course of that may observe the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus might be on cross-border remittances for native prospects. Certainly, it’s a profitable market as remittances to Mexico jumped 8 % to achieve a file $63.3 billion in 2023, most of which got here from the US.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its dwelling turf of the UK, the corporate operates with a funds establishment licence as its utility for a banking licence within the nation is being processed.
Final November, the agency created a brand new CEO position for its UK division, which has utilized for an area banking licence. Francesca Carlesi, who co-founded and beforehand led a digital mortgage lender, has been appointed to this position.
A Rising Buyer Base
Other than the banking licences, Revolut holds about 50 different regulatory permissions globally. The variety of prospects on the platform has reached over 40 million globally.
In the meantime, Revolut is anticipating to report a income of $2 billion in 2023 with a double-digit internet revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % greater than the earlier yr.
“2022 was one other nice yr for Revolut, one the place we broke away from the pack of our rivals,” Revolut’s CEO, Nik Storonsky stated earlier. “Wanting forward, our focus is on continued progress throughout all our markets.”
