Revolut has received regulatory approval to become a fully licensed bank in Mexico, marking its first full banking license in Latin America. This move allows Revolut to offer the complete range of banking services in Mexico.
The initiative involves the UK-based fintech company Revolut, led by CEO Nik Storonsky. The approval enables them to begin operations as a bank. The official announcement confirms the phased launch starting with waitlist users.
Revolut to Challenge Nubank and MercadoLibre
The banking license may heighten competition among Latin American fintech players, involving benchmark companies like Nubank and MercadoLibre. Financial markets anticipate Revolut's upcoming $3 billion fundraising round at a $75 billion valuation.
The license allows Revolut to provide services with Mexican deposit insurance protection, covering up to 3.4 million pesos. While the impact on cryptocurrencies is indirect, community discussions emphasize user experience improvements. "Revolut announces it has received the final regulatory approval to begin its banking operations in Mexico. As a fully operational bank, ..." - Nik Storonsky, Co-founder & CEO, Revolut
Latin American Fintech Growth Drives Valuation
Similar market entries in Latin America, such as Nubank, spurred fintech competition without major on-chain impacts. Revolut's expansion has often led to partnerships with DeFi protocols and integration announcements elsewhere.
According to financial experts, the significant valuation increase aligns with historical trends in fintech expansions. However, there is no current indication of new token launches or DeFi changes triggered by this regulatory approval.