Revolut has officially ended its Beta phase in Mexico, launching full banking operations through Revolut Bank S.A., Institución de Banca Múltiple.
This is its first bank outside Europe and brings Revolut’s presence to 40 countries.
The bank obtained a Mexican banking license independently and capitalised its operations with over US$100 million, more than double the regulatory minimum.
This gives a Capital Adequacy Ratio of 447.2% at launch.
Revolut Bank has received strong initial credit ratings. HR Ratings assigned long-term ratings of HR AAA and short-term ratings of HR+1.
S&P National Ratings gave long-term issuer ratings of ‘mxA+’ and short-term ratings of ‘mxA-1’. All ratings have a Stable Outlook. They reflect confidence in the bank’s capital strength, liquidity, and the backing of Revolut Group.
Nik Storonsky, Revolut’s co-founder and CEO, said,
“Revolut’s technology will empower millions across Mexico with better financial tools. This launch is a blueprint for expansion into other high-growth markets. We are confident in replicating this success on our journey to reach over 100 million daily active customers in 100 countries.”
The bank offers savings accounts with competitive yields, borderless spending in over 30 currencies, low-cost international transfers, bill payments, and joint accounts for shared expenses.
Family accounts for children aged 6-17 will be launched soon. Additional features include premium subscription plans, gift cards, and rewards redeemable for travel or shopping.
Featured image credit: Edited by Fintech News Switzerland, based on image by Kajikom via Freepik
