Aarthi Parasuraman’s Post

🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: It's Official. The Governing Board of the CNBV has granted a Banking License for Revolut in Mexico 🇲🇽 With over 40 million customers worldwide, about 50 regulatory permissions in different countries, and a banking license to operate in the European Economic Area, the British unicorn Revolut has received approval from the National Banking and Securities Commission (CNBV) to establish itself as a bank in Mexico. Now, the new bank in the country, led by Juan Miguel Guerra Dávila, must comply with the required criteria to begin operations. Thus, the British startup's subsidiary will join Mexico's digital neobank offerings with its flagship product: international transfers. Revolut’s decision to become a bank in Mexico follows a strategic shift from its initial plan to operate as an Electronic Funds Institution, focusing instead on leveraging its global platform to offer reduced costs and diversified financial products. This approach distinguishes Revolut from competitors by avoiding reliance on interest charges for revenue, betting instead on fee-based income and operational efficiency due to shared global infrastructure costs. In an interview with elEconomista — weeks before the CNBV's governing board gave the green light for the bank's establishment — Guerra Dávila detailed that although Revolut is present in about 40 countries with various licenses and financial services, obtaining a banking license in Mexico places the country in the select group of jurisdictions where the startup, officially valued at $33 billion, operates as a bank, alongside the European Union. Read more in this (Spanish-) source article: https://lnkd.in/e_PP_Y9X Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] Get the most important FinTech news and analysis in a 5 minute daily briefing you’ll actually look forward to reading. Sign up now: https://lnkd.in/eiQBxdTW #bankingapp #neobank #challengerbank #revolut #mexico #banking #bankingindustry #digitalbanking #fintech #fintechindustry #financialtechnology #fintechnews

Revolutionizing finance: The rise of Revolut 🔸 Product expansion From Portugal to Singapore, the digital banking giant is spreading its wings. With a new branch opening in Portugal and the acquisition of a Portuguese IBAN, #Revolut is stepping into the heart of national banking systems, aiming to redefine what it means to be a primary bank. For customers in Ireland, Revolut introduces an innovative eSIM card, revolutionizing the way they stay connected while traveling. Plus, with the launch of #MobileWallets in Singapore, direct transfers to Bangladesh and Kenya are just a tap away. 🔸 Digital banks: Amidst the evolving landscape of digital banking, Revolut continues to demonstrate impressive growth and profitability. In contrast, traditional institutions such as HSBC face challenges in gaining momentum with new offerings. Revolut's sustained success in markets like Singapore reflects its agility and customer-centric approach, reaffirming its leadership in the global fintech arena. 🔸 Tech and innovation: The Robo-Advisor represents a significant leap forward in automated investing solutions. This tool empowers users to optimize their investment strategies with minimal effort, catering to both seasoned investors and newcomers alike. By leveraging cutting-edge technology, Revolut is democratizing wealth management and fostering financial inclusivity. Join us for an exclusive exploration of Revolut's latest initiatives and their implications for the future of finance: https://lnkd.in/dq7DaWph C-Innovation members can access the file here: https://lnkd.in/dwFxRVZe #DigitalBanking #CInnovation #FintechInsights #FintechInnovation #DigitalBanking #FinanceInsights #BankingRevolution #DigitalTransformation #BankingInnovation #FinancialGrowth #Finance #Banking #NeoBanking #FinancialServices #Fintech #BankingNews #TechInFinance #FinancialNews

🇲🇽 #Revolut to become a bank in #Mexico UK-based fintech unicorn Revolut has gained approval from Mexico's National Banking and Securities Commission (CNBV) to establish itself as a bank in Mexico.   The new bank aims to commence operations with its flagship product, namely instant international transfers. The path to obtaining a banking license in Mexico has been a significant step for Revolut, given its presence in nearly 40 countries and various financial licences. Revolut officials highlighted Mexico's unique opportunity, with a large unbanked population and a concentrated banking sector. The company aims to address these challenges by offering comprehensive financial services through its app, starting with international transfers. The decision to pursue a banking licence reflects Revolut's strategy to provide a wide range of financial products within a single platform. The model emphasises efficiency and cost-effectiveness, leveraging the existing global infrastructure to minimise operational expenses in Mexico. Revolut aims for diversification as a way to support its revenue and profitability. This approach, characteristic of the firm on a global scale, prioritises sustainable growth over being the first mover in the market. Despite challenges in obtaining banking licences in other countries such as the United States and the United Kingdom, Revolut's expansion into Mexico marks a step forward for the company according to eleconomista.com.mx. Revolut's Mexico lead acknowledged the rigorous process involved in securing the licence but emphasised its importance in ensuring consumer protection. Revolut's ability to self-finance its growth through profits underscores its financial stability within the fintech ecosystem. While official figures for 2023 are unavailable, eleconomista cites industry records and reports that Revolut's valuation has been estimated close to USD 15.6 billion. Looking ahead, Revolut officials talked about the need for regulatory frameworks in Mexico to facilitate the entry of more players into the banking segment. They also expressed readiness to collaborate with authorities to promote competition and enhance the stability of the Mexican financial system. With Revolut joining the ranks of authorised banking institutions in Mexico, the total count stands at 53, with three institutions, including Revolut, working towards commencing operations in the near future. Source: The Paypers #fintech #financialtechnology #banking #latam https://lnkd.in/e9S2FiPk

🌍 7 things from the last 7 days in banking, fintech, and payments 💳 1. 🌟 Lunar Ventures into BaaS Danish digital bank Lunar is following in the footsteps of Starling and Monese/XYB by offering its core technology as a standalone Software-as-a-Service platform. 🌌 https://lnkd.in/e6ukJXrq 2. 🌏 Revolut Makes Waves in New Zealand and Beyond Revolut has taken the (unexpected?) step of applying for a banking licence in New Zealand while also expanding its global reach by adding Ukrainian language support to its app and introducing joint accounts in Singapore. 🚀 https://lnkd.in/ec7_uSUY 3. 🌍 Monzo Targets EU Growth UK-based Monzo Bank is setting its sights on European markets, actively recruiting talent for its operations within the EU. 🏗️ https://lnkd.in/e69uyiNr 4. 💼 Santander Brings Wage Access to SMEs in Spain Partnering with CloudPay, Santander is rolling out a solution for earned wage access, potentially marking a step towards mainstream adoption of such financial products. 💶 https://lnkd.in/ep8PwDrb 5. 💸 Goldman Sachs Opens Door to Bitcoin and Ether Trading Goldman Sachs has hinted it might venture into trading #Bitcoin and #Ether —if US regulations shift to permit it. A striking change in tone for the investment bank. https://lnkd.in/ewvBZahH 6. 📱 Vipps Mobile Pay Takes on Apple Pay with Innovative iPhone Solution Norwegian payment service Vipps MobilePay has become the world's first company to launch a competing tap-to-pay solution to Apple Pay, following Apple's agreement with the EU to open up its NFC technology. ✨ https://lnkd.in/ewGGg7-t 7. ⚖️ Google Challenges CFPB’s Wallet Oversight Google is taking legal action against the US Consumer Financial Protection Bureau after the agency declared that digital wallets, including Google Pay, will now fall under its regulatory authority. 💼 https://lnkd.in/eiB6JqyP Did I miss anything? What do you think? #BankingIndustry #DigitalTransformation #ArtificialIntelligence #OpenBanking #Payments

I'm glad I can share with you that Revolut, the British digital bank known for its cutting-edge financial solutions and a customer base exceeding 40 million globally, has recently been granted authorisation by the Comisión Nacional Bancaria y de Valores (CNBV) to commence operations as a multiple banking institution in Mexico. Revolut's foray into the Mexican market underscores the company's international expansion strategy, following closely on the heels of its launch in Brazil last year. With this new banking licence, Revolut Bank México is poised to enhance the financial ecosystem by offering instant and fee-free cross-border remittances among its users in 41 countries. This service is particularly significant for Mexico, where remittances from the US surpassed 63 billion US dollars in 2023, according to the Bank of Mexico. It is heartening to witness such developments that not only advance financial technology and inclusion but also foster stronger economic ties between the UK and Latin America. And Revolut's expansion into Mexico is a clear indicator of the potential for innovative financial solutions in the region. A special acknowledgment to Juliana Correa, our Country Director in Mexico, and Héctor Cabrera Díaz Infante, Head of Financial Services for the Department for Business and Trade in Mexico, for their instrumental roles in introducing Revolut to the country. Their dedication and effort in navigating the regulatory landscape and setting the stage for Revolut's operations are commendable. #RevolutMexico #FinancialInclusion #FintechInnovation #DigitalBanking

🏦🇲🇽 British bank Revolut granted license in Mexico According to data from Banxico, Mexico brought in USD 60.9 billion in remittances in 2023, up 5.3 percent from the previous year. That makes the country the biggest remittance corridor in the world, growing continuously for the past decade. And that is just one of the reasons that Europe’s biggest neobank and wannabe super-app Revolut has decided to land in Mexico. The British fintech company has just received a banking license from the Mexico’s Banking and Securities Commission (CNBV). With a team expected to triple in size by the end of the year, it is preparing for the authorities’ audit process, one step prior to the start of local operations. 🔗Read more in our full article by Fabiane Ziolla Menezes here 👇 https://lnkd.in/d3y-YMmJ #Fintechs #Mexico #Economy #LatinAmerica

London-based FinTech unicorn Revolut announced that they will be introducing the Dutch International Bank Account Number (IBAN) to simplify business banking for its customers in the Netherlands Around six months after introducing Dutch IBAN for personal accounts, Revolut made the announcement for business users. Once customers have been moved to the Revolut Bank UAB Netherlands branch, they will be assigned a new IBAN that begins with ‘NL’, the country code for the Netherlands. The process of transferring customers’ accounts to the Netherlands branch is expected to begin within 2 to 3 months from the announcement. However, the exact date will be communicated shortly, says the company. Source: https://lnkd.in/esWK8HjP #banking #challengerbank #neobank #revolut #bankingservices #bankingtech #bankingindustry #financialtechnology #financialservices #futureofbanking

𝐑𝐞𝐯𝐨𝐥𝐮𝐭’𝐬 𝐍𝐞𝐱𝐭 𝐂𝐡𝐚𝐩𝐭𝐞𝐫: 𝐇𝐢𝐠𝐡 𝐆𝐫𝐨𝐰𝐭𝐡 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 🌏 In 2024, Revolut is doubling down on high-growth markets across the globe - reflecting deeper trends in digital finance and localized banking solutions. 1️⃣ Mexico’s Subsidiary Approval: The Comisión Nacional Bancaria y de Valores’ (CNBV) approval for Revolut to operate as a subsidiary underscores the growing importance of digital banking in Mexico. This move reflects a rising demand for seamless, cross-border financial services, offering a blueprint for digital-first banks eyeing LATAM markets. 2️⃣ Singapore’s B2B Push: Expanding its Revolut Business platform in Singapore marks a key entry into Asia’s thriving fintech scene. By catering to businesses of all sizes with affordable financial tools, Revolut positions itself as a competitive player in supporting global business operations and cash flow management across the APAC region. 3️⃣ Eyes on Colombia: Revolut’s forthcoming launch in Colombia, with plans to introduce a full suite of banking and lifestyle solutions, points to its ambitious growth in LATAM. The firm’s local hiring and licensing approach highlights its long-term strategy to compete with established players like Nubank, expanding its reach beyond banking into lifestyle integration. 4️⃣ Middle East Expansion: Revolut's move into the GCC, particularly its applications for e-money services in the UAE and exploring opportunities in Saudi Arabia, reflects the lucrative potential of remittances and digital payments in the region. This positions the fintech giant to capture a growing customer base in the Gulf. 5️⃣ India’s 2025 Launch: With in-principle approval from the Reserve Bank of India (RBI) for prepaid cards and wallets, Revolut’s 2025 India launch sets the stage for a new era of digital payments in one of the world's largest fintech markets. Revolut is laser-focused on localizing its offerings while leveraging its global strengths. From empowering businesses in Singapore to transforming remittances in the Gulf, the signal is clear - an ambition to cement its place in emerging fintech hubs. ______________ 🤿 Want to dive deeper into these trends and uncover more insights? Check out our latest infographic and gain access to exclusive analysis. Subscribe to our newsletter for weekly updates, and unlock in-depth reports and strategic playbooks with our membership plans here 👉: https://lnkd.in/g5XFAJHt #fintech #digitalbank #digitalfinance #global #expansion #Revolut

Mexico is known for many things. Revolut hopes to become one of them. The U.K.-based digital neobank, a self-described “global financial super app” with more than 40 million users globally, secured a Mexican banking license last month and is moving quickly to build a team on the ground. The attraction for Revolut is clear: The inbound remittance market in Mexico is expected to reach $71.26 billion in 2024 and is projected to hit $87.88 billion by 2028. After India, Mexico is the world’s second-largest recipient of remittances and receives the highest level of remittances in the Latin America region. Holly Sraeel looks at what's driving the remittance growth in Mexico and the established competition that Revolut faces in the market.

#businessday #businesses Mastercard, in partnership with NetsUnion, has initiated processing of domestic payments in China, marking a significant milestone after years of regulatory hurdles. Visa has unveiled Visa Account Attack Intelligence (VAAI), an innovative solution powered by generative AI, aimed at thwarting card testing attacks. Danske Bank has joined forces with United Fintech, marking its investment alongside Citi and BNP Paribas in the firm. European companies operating in China are facing increased challenges in maintaining profitability amid slowing growth and rising overcapacity pressures. The UK government's Pensions Dashboards Programme (PDP) has faced delays due to digital skills shortages and capacity issues. Nubank, a Brazilian neobank, has achieved a significant milestone by reaching 100 million customers across Latin America, the first digital bank outside of Asia to do so. Google has introduced the Google Wallet app for Android users in India, offering a range of features including storing tickets, boarding passes, and loyalty cards. South African fintech giant Adumo has been acquired by Lesaka in a deal valued at ZAR1.59 billion (€79.8 million), pending shareholder and regulatory approval. Finnish fintech Basware is acquiring UK-based AP Matching, a provider of invoice management and statement reconciliation solutions, in a deal of undisclosed value. Investcorp has closed its Investcorp Technology Partners V (ITP V) fund at $570 million, surpassing its target of $500 million.