Revolut Bank S.A Institución de Banca Múltiple is the first bank the company has established and launched outside continental Europe, Revolut said in a Tuesday (Jan. 27) news release.
“Revolut’s technology will empower millions across Mexico with better financial tools,” said Nik Storonsky, Revolut’s co-founder and CEO. “This launch is a blueprint for expansion into other high-growth markets, and we are confident in replicating this success on our journey to reach over 100 million daily active customers in 100 countries.”
The release notes that the expansion into one of the world’s key markets brings Revolut’s presence to 40 countries and makes Revolut the first independent digital bank to receive a banking license in Mexico through a direct application.
The company added that it has capitalized its operations with $100-plus million, more than twice the minimum required by regulators, “reflecting a deep, long-term commitment to the market.”
Revolut is focused on expanding its business throughout the world, with a particular recent focus on Latin America. In addition to operations in Brazil and Colombia, the company announced last week it had applied for a banking license in Peru, and last year acquired Argentina’s Banco Cetelem.
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Last week also saw a report that Revolut was altering its strategy for expansion in the U.S., jettisoning plans to purchase an American bank to focus on getting a U.S. banking license.
This move would give the company “a clearer path to scale lending and other core bank services in the world’s largest retail finance market,” PYMNTS wrote.
In other Revolut news, the company’s Revolut Business arm introduced its Subscriptions billing solution to help customers in the U.K. better manage recurring payments.
Using an enhancement to the technical infrastructure, this tool lets merchants build, automate and optimize subscription plans directly within their Revolut Business app, the company said.
“Subscription revenue is the backbone of many modern businesses, but our customers were tired of juggling multiple software tools and high manual input just to manage recurring payments,” Alex Codina, general manager of acquiring at Revolut, said in a news release provided to PYMNTS.
“We listened, and built a solution that simplifies the entire journey. By integrating robust subscription management with existing payment processing capabilities, we’re moving beyond simple payment acceptance and giving merchants a 360 view of their customers.”
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