Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market.
Its efforts were rewarded in December 2022, when the regulator granted it a money transmitter licence, which is due to expire at the end of next year.
However, to upgrade to a banking licence, Revolut was required to secure starting capital of MXN 1.44 billion ($88 million), according to the CNBV’s mandate, with the figure increasing to MXN 1.81 billion ($110 million) prior to the launch of operations.
