Revolut Eyes Cut of Projected $88 Billion in Remittance Flows Into Mexico

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Revolut Eyes Cut of Projected $88 Billion in Remittance Flows Into Mexico

Mexico is known for many things. Revolut hopes to become one of them.

The U.K.-based digital neobank, a self-described “global financial super app” with more than 40 million users globally, secured a Mexican banking license earlier this month from the National Banking and Securities Commission and is now investing $100 million in the Mexico market, reportedly to hire staff and maintain liquidity ratios. It has charged country lead Juan Miguel Guerra Dávila with building a team on the ground.

The attraction for Revolut is clear: The inbound remittance market in Mexico is expected to reach $71.26 billion in 2024 and is projected to hit $87.88 billion by 2028. After India, Mexico is the world’s second-largest recipient of remittances and receives the highest level of remittances in the Latin America region. While the company maintains that its banking license will allow it “to offer a wide range of financial products and services to users in Mexico,” Revolut’s fastest road into the market is via the U.S.-Mexico remittance corridor, the largest in the world.