Revolut has officially launched full banking operations in Mexico after completing its beta testing phase. The company has received a direct banking license from Mexican regulators, making it the first independent digital bank to do so. Revolut has allocated over $100m for its Mexican bank, resulting in a capital adequacy ratio of 447.2%.

The service package includes savings accounts with interest, multi-currency holdings, and instant no-fee transfers globally. Customers can also send international transfers, pay bills, and access features like joint accounts and accounts for children. Premium account options with travel benefits and a points system for card transactions are also available.

Mexican residents can download the Revolut app to access these services. CEO Nik Storonsky expressed confidence in reaching over 100 million daily active customers in 100 countries. Revolut has decided not to acquire a financial institution in the US, opting instead to apply directly for a banking license. The company is also moving towards entering the Peruvian market and has named Julien Labrot as CEO of Revolut Peru.

Read more at Yahoo Finance: Revolut commences full banking services in Mexico