UK-headquartered fintech large Revolut has continued its growth efforts because it lately acquired a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores (CNBV) will now enable the corporate to determine itself as a financial institution in Latin America.
“This licence will enable Revolut to supply a variety of monetary 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 can comply with the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus shall be on cross-border remittances for native prospects. Certainly, it’s a profitable market as remittances to Mexico jumped by 8 % to achieve a document $63.3 billion in 2023, most of which got here from the neighbouring United States.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its house turf of the UK, the fintech operates with a funds establishment licence as its software for a banking licence within the nation is being processed.
Final November, the fintech additionally created a brand new CEO function for its UK division, which has utilized for a neighborhood banking licence, and has appointed Francesca Carlesi, who co-founded and beforehand headed a digital mortgage lender, within the place.
A Rising Buyer Base
Aside from the banking licences, the UK fintech additionally holds about 50 different regulatory permissions globally. The variety of prospects 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 internet revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % larger than the earlier 12 months.
“2022 was one other nice 12 months 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 development throughout all our markets.”
UK-headquartered fintech large Revolut has continued its growth efforts because it lately acquired a banking licence in Mexico, Reuters reported. The approval from Comisión Nacional Bancaria y de Valores (CNBV) will now enable the corporate to determine itself as a financial institution in Latin America.
“This licence will enable Revolut to supply a variety of monetary 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 can comply with the launch of its growth within the nation.
A Profitable Marketplace for Cross-Border Remittances
In Mexico, the British fintech’s focus shall be on cross-border remittances for native prospects. Certainly, it’s a profitable market as remittances to Mexico jumped by 8 % to achieve a document $63.3 billion in 2023, most of which got here from the neighbouring United States.
Revolut additionally operates within the European Financial Space, with a banking licence obtained from the central financial institution of Lithuania. In its house turf of the UK, the fintech operates with a funds establishment licence as its software for a banking licence within the nation is being processed.
Final November, the fintech additionally created a brand new CEO function for its UK division, which has utilized for a neighborhood banking licence, and has appointed Francesca Carlesi, who co-founded and beforehand headed a digital mortgage lender, within the place.
A Rising Buyer Base
Aside from the banking licences, the UK fintech additionally holds about 50 different regulatory permissions globally. The variety of prospects 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 internet revenue margin. In 2022, the corporate generated $1.1 billion in income, 45 % larger than the earlier 12 months.
“2022 was one other nice 12 months 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 development throughout all our markets.”
