Revolut and Nu Prepare to Take on Mexico’s Banks

Mexico’s banking sector is reportedly facing pressure from a wave of FinTech challengers.

As Bloomberg News reported Friday (Nov. 28), companies like Revolut are expected to begin operating in that country in the first half of 2026, with Brazil’s Nu hoping to become a bank later in the year and Mercado Pago waiting for regulatory approval.

This expansion, Bloomberg added, has placed pressure on banks like BBVA, Santander and Banorte to modernize operations and slash fees. However, the report continued, the FinTechs still face an uphill battle, contending with stricter regulations, older infrastructure and stiff competition from banks and Mexico-based FinTechs.

“The most exciting chapter in the history of digital banking worldwide will be written here in Mexico in the coming years, with both traditional players transforming and digital attackers arriving,” Juan Miguel Guerra, CEO of Revolut’s Mexican operation, told Bloomberg.

They’ll have the same opportunity, Guerra added, “but as the trend in digital products goes, winner takes most.”

The news comes a little more than a month after Revolut announced it received final authorization from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico, to begin operations as a multiple banking institution in the country.

The approval “is the last regulatory step required before opening the bank’s doors to the public, cementing its long-term commitment to the Mexican market,” Revolut said in a news release.

As Bloomberg noted, FinTechs have for years appealed to people in Mexico who lack access to banks or credit. Now these companies are targeting middle class consumers who remain underserved by traditional lenders.

The report cited figures from Mexico’s National Banking and Securities Commission showing that the number of deposit accounts with financial firms climbed from 126 million in 2020 to 162.6 million at the end of 2023. Roughly 70% of those accounts were with commercial banks, with the remainder held at FinTechs and local lenders.

PYMNTS examined the sharp divide between consumers with and without bank accounts in Latin America earlier this year in a conversation with Tory Jackson, Galileo’s head of business development and strategy for the region.

“It’s been traditionally extremely expensive for most people to go and get a bank account,” Jackson said.

That’s especially been true for consumers living in rural locales. But the advent of digital wallets has offered a mechanism for collaboration among a diverse range of stakeholders, such as traditional banks, agile FinTechs and new technology providers.

“Financial inclusion and digital inclusion go hand in hand,” Jackson said.