Revolut Opens Its First Bank Outside Europe, Starting in Mexico

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

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

Revolut Bets on Mexico’s Costly, Fragmented Banking System

Mexico was a deliberate choice. With a population of around 130 million and a traditional banking system widely viewed as expensive and bureaucratic, the country presents a strong opportunity for a fully digital bank. 

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

To secure its Mexican banking license, Revolut took an unusual route. It became the first independent digital bank to gain approval through a direct application to regulators, without acquiring a local institution or forming a partnership.

The company capitalized the operation with more than $100 million, twice the regulatory minimum. At launch, its capital adequacy ratio stood at 447.2%, far above 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 Buffer and Product Design Target Consumer Trust

Revolut’s product offering targets key consumer pain points. Its checking account provides automatic interest on balances, with higher returns applied to the first 25,000 Mexican pesos. Users do not need to move funds into a separate savings product.

Transfers between Revolut users are instant and free. International transfers to external bank accounts come at lower costs. The app supports balances in more than 30 currencies, with currency exchange at competitive rates.

The fintech is also targeting specific segments. Its Metal plan includes a customized card and access to airport lounges in Mexico City. Revolut Kids & Teens, aimed at users aged 6 to 17, is set to launch soon.

CEO and co-founder Nik Storonsky described Mexico as a blueprint for future expansion into emerging markets. He said the launch would serve as a model for scaling Revolut’s banking infrastructure globally.

The expansion is backed by strong financials. Revolut reported $3.8 billion in revenue in 2024, its fourth straight profitable year. 

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

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