TechFlow news, October 22 — According to Crowdfundinsider, digital bank Revolut announced it has received final authorization from Mexico’s National Banking and Securities Commission (CNBV) and approval from the Bank of Mexico to operate in Mexico as a multiple banking institution. This marks the final regulatory step required before the company can open its banking services to the public.
Revolut is the first independent digital bank to obtain a full license and complete the entire approval process from scratch in Mexico. The company is now preparing to launch its products to Mexican consumers who have already registered on its waitlist. As a fully regulated bank, Revolut will offer a range of financial services, including deposit insurance covered by IPAB (the Deposit Insurance Institution), with coverage of up to approximately 3.4 million Mexican pesos.
