UK-based fintech Revolut has received the greenlight to start full banking operations in Mexico.
The firm has secured final authorisation from the National Banking and Securities Commission, with approval of the Bank of Mexico, to start operations as a multiple banking institution.
Revolut, which has more than 65 million users worldwide, has been hiring in Mexico for some time, building a team led by Juan Miguel Guerra Dávila.
The company is hoping to gain a significant share of the huge cross-border remittance market in Mexico but can offer a "comprehensive range of financial services".
Says Guerra: "We have tailored our world-class banking app to serve customers across Mexico, while at home or abroad, and this is just the beginning. We will continue to innovate and launch more products to serve all our customers' needs in one place, so stay tuned!"
The Mexican license comes as Revolut has a tougher time securing approval in its home market of the UK. This month, the Financial Times reported that regulators have raised concerns over the fintech's risk controls relating to cross-border payment.
Officials are seeking assurances that Revolut will boost its risk management controls as it pursues rapid international expansion, before ending a 'mobilisation' stage and grant it a full banking license.
Mexico is just one of the markets that Revolut is targeting: the company recently outlined a five-year global plan to invest £10 billion and create 10,000 jobs as it guns for 100 million customers by mid 2027 and entry into 30 new markets by 2030.