Revolut has received final authorization from the National Banking and Securities Commission in Mexico to operate as a multiple banking institution, marking the completion of the licensing process from scratch. The neobank is set to introduce banking services to Mexican consumers, with customer deposits insured for up to 3.4m pesos. Revolut plans to invest in its local workforce and expand its presence in the Mexican market. CEO Juan Miguel Guerra expressed pride in the team and the bank built in Mexico, highlighting the commitment to innovation and customer service. This move into Mexico is part of Revolut’s expansion in the Americas, alongside operations in the US and Brazil, with plans to acquire an Argentine bank. In other news, Revolut is facing delays in obtaining a full UK banking license due to regulatory concerns about risk management, with the Bank of England requesting commitments to strengthen infrastructure. The neobank also received approval from Colombia’s Superintendencia Financiera de Colombia to establish banking operations, aiming to launch digital banking services by 2026.

Read more at Yahoo Finance: Revolut secures Mexico banking licence