Revolut opens its first licensed bank outside Europe in Mexico, investing over $100 million in capital

The UK fintech giant Revolut has officially launched its full banking operations in Mexico, marking the company's first licensed bank outside of Europe. Revolut becomes the first independent digital bank to be approved by directly applying to regulators (rather than acquiring a local institution or partnering), investing over $100 million in capital, which is double the regulatory minimum requirement, with a capital adequacy ratio of 447.2%.

The rating agency HR Ratings has assigned a long-term HR AAA rating, while S&P has given a mxA+ stable outlook rating. CEO Nik Storonsky stated that Mexico will be the blueprint for expansion into emerging markets. Revolut's revenue is projected to reach $3.8 billion in 2024, with profitability for four consecutive years, and a valuation of $75 billion by 2025.