Revolut plans to launch its operations in Mexico during the
first half of 2025, according to Juan Miguel Guerra Dávila, the company’s CEO
in Mexico. Guerra stated that there are over 100,000 people on the waiting list
to become customers.

Speaking to the media after the Finnosummit 2024 event,
Guerra said: “I’m hopeful that we can launch in the first half of next year,
but I’m not certain. It could be sooner, it could be later.”

Revolut Awaits Final Authorization

Revolut received a banking license from Mexico’s National
Banking and Securities Commission (CNBV) in April. However, the company still
requires final authorization before it can officially begin operations.

Guerra mentioned that they are currently working through the
necessary steps to receive this approval. He added that they are “on the
right track” but noted potential delays, including the upcoming federal
government transition.

Meanwhile, Revolut
has launched a new platform called Revolut Invest, enhancing its wealth
management services with contracts for differences (CFDs), as reported by Finance Magnates. The app will
provide access to approximately 5,000 assets, including US and European stocks,
ETFs, commodities, and bonds.

CFDs are being offered through Revolut Securities Europe
UAB, based in Lithuania, initially available in the Czech Republic, Denmark,
and Greece. The app is currently in testing and plans to expand to other
European Economic Area countries by year-end.

Preparing Product Offerings

In the meantime, Revolut is preparing the products it plans
to offer at launch. These include a bank account with no deposit limits,
referred to as a level 4 account, and international money transfer services.

#Revolut Mexico CEO Juan Guerra expects to start operations in the first half of 2025, subject to final approvals. With 180 employees, initially Revolut plans to launch deposit accounts and international transfers, in longer term expectations to bring all banking services to…

— Max Karpis (@maxkarpis) September 26, 2024

Guerra also mentioned the possibility of competing in
“rate wars” by offering a high-yield savings product, which is a
common strategy used by financial institutions to attract customers. However,
he believes Revolut’s primary selling point will be its free international
transfers.

This article was written by Tareq Sikder at www.financemagnates.com.