Revolut received the ‘green light’ from the regulator to begin activity in Mexico.
A National Banking and Securities Commission (CNBV) granted authorizationwhich has the approval of the Bank of Mexico. At issue is the possibility that the fintech multinational start operations as Multiple Banking Institution not Mexico.
In a document sent to the media, Revolut makes it known that deposits made in Mexico are insured by IPAB (Institute for the Protection of Bank Savings) up to around 3.4 million Mexican pesos (equivalent to 1.58 million euros, at the current exchange rate).
At the same time, it wants to continue expanding in the Americas, where it already has operations in the USA and Brazil. At the same time, it is seeking to obtain a license to operate in Colombia and is in the process of purchasing a bank in Argentina.
Revolut sells financial services and is present all over the world, with more than 65 million private customers. In Portugal, it has already exceeded two million.