Revolut opens first bank outside Europe, starting with Mexico

Revolut has made a decisive move into Mexico. On Tuesday (27th), the British fintech company announced the start of full banking operations in the country, ending the testing phase.

This is the first time Revolut has opened a licensed bank outside Europe.

Revolut bets on expensive, fragmented Mexican banking system

Mexico was a deliberate choice. The country, with a population of around 130 million and whose traditional banking system is widely seen as expensive and bureaucratic, presents a huge opportunity for fully digital banks.

Revolut sees demand for app-based banking with lower fees and simplified access.

To secure a banking license in Mexico, Revolut took an unusual approach. The company became the first independent digital bank to receive approval through a direct regulatory application without acquiring or partnering with local institutions.

The company has pumped more than $100 million into the business, twice the regulatory minimum. At the time of its inauguration, the equity ratio was 447.2%, far exceeding the requirements.

Credit rating agencies responded favorably. HR Ratings assigned a long-term HR AAA rating, while S&P Global issued an ‘mxA+’ rating with a stable outlook.

High capital buffers and product design targeting consumer confidence

Revolut’s product offering targets key consumer pain points. Your checking account automatically earns interest on your balance, and the first 25,000 Mexican Pesos are eligible for higher profits. Users do not need to transfer funds to another savings product.

Transfers between Revolut users are instant and free. International money transfers to external bank accounts are low cost. The app supports balances in over 30 currencies and allows you to exchange currencies at competitive rates.

Fintechs also target specific segments. Its Metal plan includes a customized card and access to Mexico City’s airport lounges. Revolut Kids & Teens, aimed at users aged 6 to 17, will be launched soon.

CEO and co-founder Nick Stronsky described Mexico as a blueprint for future expansion into emerging markets. He said the launch will serve as a model for expanding Revolut’s banking infrastructure globally.

This expansion is backed by strong financials. Revolut reported revenue of $3.8 billion in 2024, marking its fourth consecutive year of profitability.

In 2025, the company reached a valuation of $75 billion after raising a new round of funding.

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