Revolut Introduces Payment Corridor For US-Mexico Money Transfers

U.K. FinTech Revolut is establishing a payment corridor for the U.S. and Mexico to facilitate the easy movement of funds between the two countries.

Revolut USA CEO Ron Oliveira said in a press release on Thursday (July 29) that the company’s foundation is built on the belief that “sending peer-to-peer payments cross-border should be simple.” He said Revolut is committed to offering customers simple money transfers “no matter where in the world they may be.”

“The launch of this remittance corridor is a major milestone for Revolut — one that we’re confident will improve the financial lives of customers in the U.S. and in Mexico,” he added. 

Revolut’s new remittance corridor comes at a time when money transfers between the U.S. and Mexico are escalating, with some $4.5 million flowing between the two countries in May alone, an increase of 31 percent, according to data from BBVA Research cited in the release. 

The digital bank said it is also mulling expansion into Latin America, with a special interest in having a presence in Mexico and Brazil. Revolut already hired an operations head in Brazil. Revolut exchanges 28 currencies and has a user base exceeding 16 million.

Additional new solutions Revolut launched in July include a dining program called Restaurant Rewards that offers users instant cash back at more than 600 partner restaurants in London. Another is its Savings Vault product that offers users daily interest on their savings.

The company indicated that more than 2.5 million people have started using the savings feature, and there are no fees or minimum balance requirements. 

Earlier in July, Revolut closed an $800 million funding round led by Softbank and Tiger Global. 

Headquartered in London and launched in 2015, the challenger bank has an estimated valuation of $33 billion. The FinTech said it processes over 150,000 million transactions a month.