Britain's Revolut has launched full banking operations in Mexico, becoming the first independent digital bank to secure a Mexican banking licence through direct application and marking the FinTech's inaugural bank established outside Europe.

The London-based firm capitalised its Mexican operations with over $100 million, more than double the regulatory minimum. Revolut Bank S.A. IBM will offer customers high-yield savings accounts, the ability to hold and exchange over 30 currencies, and international money transfers.

The expansion targets Mexico's underbanked population in one of Latin America's largest economies, where traditional banking competition remains relatively low. Global FinTechs have increasingly focused on the region as growth opportunities in mature markets slow.

Revolut, Europe's most valuable financial technology company with over 70 million customers globally, said the Mexican launch provides a blueprint for future expansion. The firm aims to reach over 100 million daily active customers across 100 countries.

The company is pursuing a full banking licence in Peru and has plans to roll out a payments platform in India. These moves form part of an accelerated push into high-growth markets beyond Revolut's European base.

The Mexican banking licence represents a significant regulatory achievement for the digital-only bank, which has faced lengthy licensing processes in other jurisdictions. Securing permission through direct application rather than acquisition demonstrates growing regulatory acceptance of FinTech business models in emerging markets.

Traditional banks in Latin America have historically maintained limited digital offerings and charged higher fees than their European counterparts, creating opportunities for technology-focused challengers. Mexico's large population and increasing smartphone penetration make it particularly attractive for digital banking services.

Revolut's expansion comes as established banks face pressure to modernise their technology infrastructure and improve customer experience. The FinTech's entry into Mexico will likely accelerate digital transformation across the country's financial services sector.

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