The UK-headquartered fintech big Revolut has continued its growth efforts because it just lately obtained a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores will now enable the corporate to ascertain itself as a financial institution in Latin America.
“This licence will enable Revolut to supply a variety of economic services and products to customers in Mexico,” the corporate mentioned in a press release. The corporate is now getting ready for a third-party audit course of that may comply with the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus will likely be on cross-border remittances for native clients. Certainly, it’s a profitable market as remittances to Mexico jumped 8 % to succeed in a document $63.3 billion in 2023, most of which got here from america.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its dwelling turf of the UK, the corporate operates with a funds establishment licence as its software for a banking licence within the nation is being processed.
Final November, the agency created a brand new CEO function for its UK division, which has utilized for a neighborhood banking licence. Francesca Carlesi, who co-founded and beforehand led a digital mortgage lender, has been appointed to this function.
A Rising Buyer Base
Aside from the banking licences, Revolut holds about 50 different regulatory permissions globally. The variety of clients on the platform has reached over 40 million globally.
In the meantime, Revolut is anticipating to report a income of $2 billion in 2023 with a double-digit web revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % increased than the earlier yr.
“2022 was one other nice yr for Revolut, one the place we broke away from the pack of our rivals,” Revolut’s CEO, Nik Storonsky mentioned earlier. “Trying forward, our focus is on continued progress throughout all our markets.”
The UK-headquartered fintech big Revolut has continued its growth efforts because it just lately obtained a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores will now enable the corporate to ascertain itself as a financial institution in Latin America.
“This licence will enable Revolut to supply a variety of economic services and products to customers in Mexico,” the corporate mentioned in a press release. The corporate is now getting ready for a third-party audit course of that may comply with the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus will likely be on cross-border remittances for native clients. Certainly, it’s a profitable market as remittances to Mexico jumped 8 % to succeed in a document $63.3 billion in 2023, most of which got here from america.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its dwelling turf of the UK, the corporate operates with a funds establishment licence as its software for a banking licence within the nation is being processed.
Final November, the agency created a brand new CEO function for its UK division, which has utilized for a neighborhood banking licence. Francesca Carlesi, who co-founded and beforehand led a digital mortgage lender, has been appointed to this function.
A Rising Buyer Base
Aside from the banking licences, Revolut holds about 50 different regulatory permissions globally. The variety of clients on the platform has reached over 40 million globally.
In the meantime, Revolut is anticipating to report a income of $2 billion in 2023 with a double-digit web revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % increased than the earlier yr.
“2022 was one other nice yr for Revolut, one the place we broke away from the pack of our rivals,” Revolut’s CEO, Nik Storonsky mentioned earlier. “Trying forward, our focus is on continued progress throughout all our markets.”
